Best Money Market Rate now at 1.10% Percent APY
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
Top Savings Account Rates
RatesORama.com Average Mortgage Rates