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Best Money Market Rate now at 1.10% Percent APY
 

Best Money Market Rate now at 1.10% Percent APY

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We have a new leader on our money market rate list. iGObanking money market rates have been increased from 0.90 percent APY to 1.10 percent APY. The last time we saw a money market rate at 1.10 percent was several years ago.

Some banks are increasing rates before the expected federal funds rate hike by the Federal Reserve. We have also seen recent new highs on our rate lists for savings rates and CD rates. iGObanking's money market rate increase was the largest increase we have seen in awhile.

When the Fed does increase their key benchmark interest rate, banks will increase their deposit rates by higher amounts. The Fed will probably increase the fed funds rate by 0.25 percent. Banks and credit unions will follow by increasing their deposit rates by similar increments.

Below are the best savings rates and money market rates this week:

Best Money Market Account Rates

  • iGObanking MMA Rates 1.09% APY 1.10% (new high rate alert)

  • EverBank MMA Rates 0.61% APY 1.01%

  • ableBanking MMA Rates 1.00% APY 1.00%

  • Sallie Mae Bank MMA Rates 0.90% APY 0.90%

  • Ally Bank MMA Rates 0.85% APY  0.85%

  • Synchrony Bank MMA Rates 0.85% APY 0.85%

  • Mutual of Omaha Bank MMA Rates 0.85% APY 0.85%

  • MyCCB MMA Rates 0.83% APY 0.83%

  • EH National Bank MMA Rates 0.80% APY 0.80%

  • First Internet Bank of Indiana MMA Rates 0.80% APY 0.80%

  • Lone Star Bank MMA Rates 0.80% APY 0.80%

  • Bank of Internet USA MMA Rates 0.75% APY 0.75%

  • Silvergate Bank  MMA Rates 0.75% APY 0.75%


Top Savings Account Rates

  • Synchrony Bank Savings Rate 1.04% APY 1.05%

  • My Savings Direct Savings Rate 1.04% APY  1.05%

  • Barclays Bank Savings Rate 1.00% APY 1.00%

  • CIT Bank Savings Rate 1.00% APY 1.00%

  • iGObanking Savings Rate 1.00% APY 1.00%

  • Ally Bank Savings Rate 0.99% APY 0.99%

  • Discover Bank Savings Rate 0.90% APY 0.90%

  • Colorado FSB Savings Rate 0.85% APY 0.85%

  • Radius Bank Savings Rate 0.85% APY 0.85%

  • Capital One 360 Savings Rate 0.75% APY 0.75%


Author: Brian McKay
May 28th, 2015