Best Savings Rates| Get the Highest Savings Rates Below
Compare the highest savings account rates by using our savings account rates and money market rates list below. We maintain a list of the best savings account rates from local banks and national banks to make your search for the highest rates easier. There is no need to look anywhere else for current interest rates from many different banks.
Savings Rates Updated Sat May 25, 2013
The best money market rate in our database is a 6 month promotional rate of 1.25 percent from EverBank. The first year APY on the account is lower at 1.01 percent, but that rate is still top in our list of the highest money market rates. EverBank’s rate also tops the best savings rate in our database by 1 basis point.
While interest rates have slowly drifted lower over the past several years, there is hope that we will finally see higher interest rates sometime in 2014. Stronger economic growth combined with higher inflation and a lower unemployment rate will force the Federal Reserve to increase their key interest rate, the fed funds rate.
Until that happens, we all have to deal with low rates on money market accounts, savings accounts, and certificates of deposit. Since rates will be moving higher sometime next year, the one thing we can recommend is to be patient and stay liquid in short term CD accounts or other types of deposit accounts and not locking in a low rate on a long term CD account. Following is a list of current money market rates:
Every week we publish lists of the highest interest rates in our rate database. Rates change constantly so always be sure to search our database to find the best rates available.
One month, 3 month, 6 month, and 1 year Treasury yields are unchanged today. Intermediate and long term Treasury yields continue moving higher. 30 year yields averaged 2.83 percent on May 1st and on May 10th the average rate was over 3.00 percent at 3.10 percent.
Rates are higher on all Treasuries that have terms of 2 years or more. Average 10 year yields increased from 1.66 percent on May 1st and closed at 1.90 percent. The big news last week that sent yields higher were lower than expected jobless claims numbers. Initial claims, which is jobless claims measure the number of filings for state jobless benefits, came in at 323,000, lower than the expected number of 340,000.
Last week’s number was the lowest number in 5 years, pointing to an improving job market as companies laid off fewer workers. The unemployment rate fell to the lowest point since 2008 in April. The current unemployment rate is at 7.5 percent. The rate is only 1 percent higher than the point that Federal Reserve said they would start tightening monetary policy. When the Fed starts increasing the federal funds rate interest rates on deposit accounts and short term Treasuries will also move higher.
Below is a list of the best savings rates, money market rates, and U.S. Treasury rates for the week of May 13, 2013. The highest savings account rates, money market rates and average rates remain unchanged this week. Short term U.S. Treasury yields remained unchanged as long term Treasury yields continue to move higher on a better long term outlook for the economy.
The highest savings rates on our rate table this week remain unchanged at 1.00 percent. CIT Bank is offering a 1.00 percent rate for account balances of $25k or more, account balances of less than $25k earn a rate of 0.90 percent.
The highest money market account rates on our tables this week also remain unchanged at 1.01 percent APY. The bank offering 1 year rates at 1.01% APY is EverBank. Average savings rates in the FDIC survey this week are unchanged at 0.07 percent and the average money market rate is unchanged at 0.10 percent.
Here is a list of this week’s best interest rates and current bond yields:
Money Market Rates
U.S. Treasury Yields
The Federal Open Market Committee (FOMC) had their two day meeting last week and released a statement on economic policy. As expected, there were no changes in the Fed’s current policy to keep interest rates low to spur economic growth. This means for now, savings rates and other deposit rates will remain at current low levels.
Another piece of economic news released this past week was April’s employment report. For the month of April, 165,000 jobs were created, slightly better than analyst estimates. There were some other positive numbers in the April report, the unemployment rate fell from 7.6 percent to 7.5 percent and employment numbers for the prior two months were increased.
The number of non-farm jobs created in February was increased from +268,000 to +332,000, and the change for March was increased from +88,000 to +138,000. All of this positive news in the report sent 10 year bond yields soaring 12 basis points to 1.75 percent on Friday. While higher bond yields won’t have an upward pressure on deposit rates, it will send mortgage rates higher next week.
Savings rates, money market rates, and CD rates won’t move higher until the Fed increases their key interest rate, the fed funds rate. We are a little closer to that actually happening since the unemployment rate fell to 7.5 percent. The Fed says they plan to keep the fed funds rate near zero percent until the end of 2015, when they believe the employment rate will fall below 6.5 percent.
The unemployment rate has fallen 0.4 percent in four months in 2013. If the rate continues to fall at this pace we would see the 6.5 percent level in 12 months. That means that by April 2014, the rate could be at 6.5 percent a full year and a half before the Fed believes the rate will fall to that level. It will be interesting to see if this scenario plays out and if the Fed does start increasing the fed funds rate when the unemployment rate hits that point.
For now, we have to deal with low interest rates but hopefully rates will increase before the end of 2015. Interest rates have been low for almost 6 years, so seeing an end to them in mid 2014 instead of the end of 2015 would be a welcome relief. Right now the national average savings rate in the FDIC survey this week is at 0.06 percent.
The best savings rates in our national rate database are many times the FDIC average. The highest savings rate in our database is from CIT Bank at 1.00 percent. CIT Bank’s savings rate is more than 16 times the FDIC national average savings rate. CIT Bank’s rate is also more than 16 times the FDIC average jumbo savings rate which is also at 0.06 percent.
National average money market account rates are faring a little better than savings rates. The current FDIC national average money market account rate is at 0.10 percent and jumbo money market rates are averaging 0.16 percent. The best money market rates in our rate database this week are from EverBank at 1.25 percent APY, more than 12 times the FDIC average and more than 7 times the FDIC jumbo average.
EverBank’s 1.25 percent APY is a 6 month promotional rate and the ongoing rate is at 0.76 percent, still much higher than the FDIC averages. When you consider that these rates that EverBank is offering for the first year, the APY comes to 1.01 percent, higher than the best savings rate in our database this week.
The best savings rates currently available in the state of Georgia are from Genuine Parts Credit Union (GPCU). In fact GPCU’s savings rates are probably the highest savings rates available anywhere in the nation. As with all credit union savings rates, GPCU has lowered their savings rates over the past several years.
Current savings rates at this credit union’s share savings account are at 1.75 percent with an APY of 1.75 percent. That rate is much higher than the FDIC national average savings rate of 0.07 percent. There is a maximum deposit amount that can earn this rate and yield. The maximum amount is $75,000, which is a pretty high cap. Most credit unions or banks offering savings rates this high usually have a lower max.
When we first wrote about GPCU’s share savings rate a few years ago the credit union was offering a savings rate of 2.00 percent with an APY of 2.02 percent. That was back in July 2011 and at that point the credit union’s savings rate was one of the best rates available. Over the past couple of years rates have gone down considerably so GPCU’s decrease of only 0.25 percent during the same time is remarkable.
For the 2012 year GPCU paid out an even higher share savings rate. An addition 2.5 percent dividend was paid on share savings accounts at the end of 2012, making the overall share rate an incredible 4.25 percent. When you do business with a credit union you have to join by opening a share savings account.
When you open an share savings account at a credit union you become a member and own a share of the credit union. This share, regardless if it’s a minimum $25.00 deposit or much more than that, entitles you to one vote at any business meeting of the organization, and signifies that you are a member in good standing.
Share dividends are declared each month from available credit union earnings by State wide’s Board of Directors. Share account dividends are calculated on the average daily balance in the account multiplied by the number of days in the month times the daily dividend rate (annual rate divided by 365).
Share dividends are posted on the first day of the following month, added to the previous account balance. This “compounding” effect helps you earn even faster and increases the overall annual percentage yield (APY) on the account. When you compare savings rates you will see most of the time that the APY on a savings account is always higher than the savings account rate.
To be eligible to join this credit union or any credit union for that matter you usually have to live, work or worship in the area where the credit union is based. You can also join by having a family member that meets one of those requirements and is a member. GPCU’s member ship requirements can be found right here: GPCU Membership Requirements.
Last month we reported the personal savings rate for Americans increased in the month of February while average savings rates remained unchanged. Average savings rates and the best savings account rates this month have also remained unchanged. Interest rates in general have been low for just over four years now because the Federal Reserve has kept rates low to foster economic growth and lower the unemployment rate.
Interest rates will remain low until the Federal Reserve increases their key bench mark interest rate, the fed funds rate. The current fed funds rate is in a range of zero percent to one quarter percent. The Fed will increase the rate when the unemployment rate falls below 6.5 percent, which the Fed predicts will happen the last quarter of 2015.
The current national average savings rate is at 0.07 percent and the national average money market rate is at 0.12 percent. The best savings rates and money market rates are many times the national average rate. The highest savings account rates right now are at 1.00 percent and the highest money market rates are at 1.01 percent APY.
Below is a list of the top savings rates and top money market rates for this week:
Top Savings Account Rates
Top Money Market Rates
The personal savings rate increased in the U.S. Department of Commerce Bureau of Economic Analysis’ Personal Income and Outlays for February 2013. The savings rate increased from 2.2 percent in January 2013 to 2.6 percent in February 2013. While the rate in February is higher, January is still down from 6.5 percent in December 2012.
The U.S. personal savings rate, which shouldn’t be confused with savings account rates, is the rate at which Americans are saving. The rate is calculated by taking personal income minus disposable personal income (DPI). Actual savings account interest rates are much lower than 2.6 percent these days – right now the best savings rates are at 1.00 percent.
Over the past several decades Americans, have been saving less and spending more by relying on credit cards to buy things now and pay for them later. Another factor that has impacted the rate at which we save is interest rates. Since the financial crisis and Great Recession, interest rates have been declining.
Savings rates, CD rates, money market rates, and all deposit rates along with bond yields have moved lower and lower. The Federal Deposit Insurance Corporation (FDIC) publishes a weekly National Average Rates and Rate Cap Survey. In the most recent survey released on March 25, 2013, the national average savings account rate is a measly 0.07 percent.
Think jumbo savings rates are higher? Nope. The national average jumbo savings rate in the most recent survey is also at 0.07 percent. Money market rates are averaging a little higher but are still pathetic at 0.10 percent. Average jumbo money market rates are just a little higher at 0.16 percent.
With average rates being so low, no wonder the personal savings rate is only at 2.6 percent. What incentive do you have to save when most banks are offering extremely low deposit rates? In fact, the rate of inflation is higher than the national average savings rate and money market rate. These rates are average rates so you can find banks offering rates much higher than the averages.
Right now the highest savings account rates are from CIT Bank and Barclays Bank at 1.00 percent. We also have a bank, Everbank, offering a 6 month promo money market rates at 1.25 percent. The highest CD rates on our rate tables are also many times the national average. This week’s FDIC survey has average 12 month CD rates at 0.22 percent but on our 12 month rate table, we have rates at 1.04 percent with an APY of 1.05 percent.
MetLife Inc. finally closed on the deal to sell their depository business, MetLife Bank, to GE Capital this year. Before the sale, MetLife Bank was offering some of the best CD rates around on certificate of deposit account balances of $25,000 or more. Usually when a bank offering very high CD rates is sold or put into receivership by the FDIC, certificate of deposit holders are shortchanged because existing CD rates are not honored.
In the case of GE Capital buying the deposit business of MetLife, GE Capital not only honored rates that were already locked in by depositors but also continues to offer the same CD rates for new certificate of deposit accounts. Right now GE Capital Retail Bank along with Colorado Federal Savings Bank is offering the highest CD rates for 1 year certificates of deposit.
Current 12 month CD rates at GE Capital Retail Bank ($25k min) and Colorado FSB are at 1.04 percent with an APY of 1.05 percent. The current FDIC national average 12 month CD rate is considerably less at 0.22 percent. The current 12 month FDIC average jumbo rate this week is also lower at 0.23 percent.
GE Capital CD account balances of less than $25k also earn rates that are higher than the FDIC average rates. 1 year CD rates for account balances of $15k to $24,999 earn a rate and yield of 0.95 percent, account balances of $2k to $14,999 earn a rate and yield of 0.85 percent.
Other certificate of deposit rates at GE are also competitive and higher than the average rates but are not the best rates around. For example, 3 month CD rates at GE are currently at 0.25 percent (account balances of $2k to $$14,999) while the best CD rates on our rate list for 3 month CDs are at 0.45 percent.
Below is a complete list of current CD yields at GE Capital Retail Bank:
You can compare these rates with other CD rates at banks by using our rate tables below. If you’re interested in opening a CD account at GE Capital Retail Bank, you can do so online at the bank’s website here: GE Capital Retail Bank CD Application, by calling 1-866-226-5638, or by downloading and mailing in an application.
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