Synchrony Bank Increases Savings Rates to 1.04% APY 1.05%

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Synchrony Bank has increased their savings rate and is now tied for the best savings rate on our table. Synchrony Bank savings account rates are now at 1.04 percent with an APY of 1.05 percent. The bank is now tied for the best rate with GE Capital Bank and My Savings Direct.

The old savings rate at Synchrony Bank was 1.00 percent with an APY of 1.00 percent. It will be interesting to see if the bank also increases their money market rate in the coming days. The current MMA rate is 20 basis points less at 0.85 percent.



Savings Account Rates Average April 16 2015Both rates are much higher than the current average rate reported by MonitorBankRates.com and the FDIC. The current average money market/savings (account balances of at least $10,000) rate reported by MBR is at 0.47 percent. The FDIC average savings rate this week is at 0.06 percent and the average money market rate is at 0.08 percent. You can view all average variable deposit rates reported by MBR in the chart to the right:

Listed below are the top savings rates and money market account rates for April 16, 2015:

Money Market Account Rates

  1. EverBank 1.01% APY

  2. ableBanking, a division of Northeast Bank Rate 1.00% APY 1.00%

  3. iGObanking.com Rate 0.90% APY 0.90%

  4. Sallie Mae Rate 0.90% APY 0.90%

  5. Ally Bank Rate 0.85% APY 0.85%

  6. Mutual of Omaha Bank Rate 0.85% APY 0.85%

  7. Synchrony Bank Rate 0.85% APY 0.85%


Savings Account Rates

  1. Synchrony Bank Rate 1.04% APY 1.05%

  2. GE Capital Bank Rate 1.04% APY 1.05%

  3. MY Savings Direct 1.04% APY 1.05%

  4. Barclays Bank Rate 1.00% APY 1.00%

  5. CIT Bank Rate 1.00% APY 1.00%

  6. iGObanking.com Rate 1.00% APY 1.00%

  7. Ally Bank Rate 0.99% APY 0.99%

  8. American Express Bank Rate 0.90% APY 0.90%

  9. Discover Bank Rate 0.90% APY 0.90%


Deposit rates change constantly, please check for current rates using our rate tables: Best Savings Rates 
 
Author: Brian McKay
April 16th, 2015