Weekly Deposit Account Rate Report for December 17, 2014

Financial institutions continue small incremental increases in savings rates and money market rates this week, continuing the slow uptrend of the past year. Any larger increases in deposit account rates will have to wait until the Federal Open Market Committee increases interest rates in the coming year.

The FOMC is meeting this week and wraps up their two day meeting this afternoon. The FOMC isn't expected to increase their key benchmark interest rate, the federal funds rate, but they are expected to change their language on keeping the rate low for a considerable time. This is the last step the FOMC will take before actually increasing the federal funds rate.

The fed funds rate has been in a targeted range of zero percent to one quarter percent for 6 years now. A near zero percent fed funds rate has driven banks  and credit unions to lower deposit rates to record lows. We are waiting for a higher fed funds rate to drive deposit rates higher but some financial institutions have already increased their bank rates.

Listed below is the Weekly Deposit Account Rate Report for December 17, 2014

Savings Account Rates

• GE Capital Bank 1.04% APY 1.05%
• My Savings Direct 1.04% APY 1.05%
• CIT Bank 1.00% APY 1.00%
• Synchrony Bank 1.00% APY 1.00%
• iGOBanking 1.00% APY 1.00%
• Barclays 1.00% APY 1.00%
• Ally Bank 0.95% APY 0.95%
• American Express 0.85% APY 0.85%
• Colorado FSB 0.85% APY 0.85%

Money Market Rates

• EverBank 1.01% APY
• Synchrony Bank 0.85% APY  0.85%
• Ally Bank 0.85% APY 0.85%
• Mutual of Omaha Bank 0.85% APY 0.85%
• TIAA Direct 0.80% APY 0.80%
• Union Federal Savings Bank 0.75% APY 0.75%