Savings Rates Set to Increase in the 2nd or 3rd Quarter
Deposit rates are set to increase sometime in the next several months when the Federal Reserve increases the federal funds rate. The likelihood of an increase gets greater as more time passes. The latest an increase will come is likely in September.
Current average savings rates are at 0.48 percent for account balances of at least $10,000. The best savings rates available are more than double the average. In our database, two different banks are offering the best rate at 1.04 percent with an APY of 1.05 percent. The best money market rate is slightly lower at 1.01 percent APY.
The increase in the fed funds rate will most likely increase by 0.25 percent. That will send the highest savings rates and money market rates towards 1.30 percent. The best 1 year CD rates, currently around 1.25 percent, will rise towards 1.50 percent.
Listed below are the highest savings and money market rates for May 4, 2015:
Highest Savings Rates
Highest Money Market Rates
Interest rates are constantly changing, make sure to search our database for the most current rates.
Banking & Finance InformationPersonal Finance