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Savings Rates Averaging 0.55% in Bankrate’s National Survey

Average savings rates in Bankrate's national rate survey are at 0.55 percent for account balances of $10,000. The Federal Deposit Insurance Corporation's (FDIC) national average savings account rate is even lower at 0.09 percent. The FDIC's jumbo savings rate is also at 0.09 percent.

These savings interest rates are increadibly low historicly speaking. Unfortuantely we have been living with low savings account rates since 2008 when the financial crisis hit and the deep recession followed.

Thankfully you can find savings rates and money market rates higher than the averages. Right now the best savings rates and money market rates are at 1.00 percent and above. There are four online banks offering interest rates above 1.00 percent on our rate list.

The highest savings rates and money market account rates on our list is from CIT Bank and Union Savings Bank. Current CIT Bank savings rates are offered at 1.04 percent with an APY of 1.05 percent. The minimum opening account balance to earn this rate and yield is $25,000. Union Savings Bank money market rates are at 1.04 percent with an APY of 1.05 percent.

The second best interest rate on our list is on a money market account. EverBank money market rates are currently offered with an 1.01 percent APY. The highest money market rate on our list. 

The APY on this money market account is possible because EverBank is offering a 6 month promotional money market rate of 1.25 percent and an ongoing money market rate of 0.76 percent. This makes the overall first year APY 1.01 percent.

The third highest interest rate and second best savings account rate on our list is from Barclays Bank. Current Barclays Bank savings account rates are offered at 1.00 percent with an APY of 1.00 percent.

American Express Bank savings rates are the fourth best rate on our list. Current online savings account rates at American Express Bank are offered at 0.90 percent with an APY of 0.90 percent.

There are many more savings interest rates and money market interest rates listed on our rate list from dozens of banks both nationally and locally. Serach for the best savings account rates by using our rate tables below.
Author: Lisa Graham
August 23rd, 2012