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Best Deposit Rates Hold Stable as Fed's Fisher Hints at Higher Rates Sooner than Later
 

Best Deposit Rates Hold Stable as Fed’s Fisher Hints at Higher Rates Sooner than Later

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The best deposit account rates are stable this week, both savings rates and money market rates remain around 1.00 percent. CD rates on the other hand, are heading higher, as banks and credit unions look to lock in deposits at lower rates before the Federal Reserve drives rates higher.

Speaking of the Fed, one Fed official, Richard Fisher, president of the Federal Reserve Bank of Dallas, said on Thursday that rates might rise sooner than later. Fisher said the following below the rate table:
It's assumed in the market place that we'll start our liftoff in raising interest rates some time between the spring and the summer. I won't say what we're saying internally, that would not be appropriate, but maybe sooner rather than later.

Whether or not Fisher is right remains to be seen, but one thing is for sure, interest rates are headed higher in 2015. Therefore, it makes sense to either stay invested in variable rate accounts, like savings accounts or money market accounts. Another option is staying invested in shorter term certificates of deposit.

Listed below are the highest savings rates, money market rates and 3 to 6 month CD rates:

Savings Rates

  • My Savings Direct 1.05% APY ($1.00 min)

  • iGObanking.com 1.00% APY ($25,000 min)

  • Synchrony Bank Optimizer Plus 0.95% ($0.00 min)

  • GE Capital Bank 0.95% ($0.00 min)

  • CIT Bank 0.95% ($25,000 min)

  • Ally Bank 0.90%  ($0.00 min)

  • Barclays Bank 0.90%  ($0.00 min)

  • Colorado Federal Savings Bank 0.90% APY ($2,500 min)

  • Discover Bank 0.85% ($500 min)

  • American Express Bank 0.80% APY ($0.00 min)

  • TIAA Direct 0.80% APY ($25.00 min)


Money Market Rates

  • ableBanking, a division of Northeast Bank 1.02% APY ($250.00 min)

  • EverBank 1.01% APY ($1,500 min)

  • Synchrony Bank Optimizer Plus 0.85% ($0.00 min)

  • Ally Bank 0.85%  ($0.00 min)

  • Mutual of Omaha Bank 0.85% ($5,000 min)

  • TIAA Direct 0.80% APY ($25.00 min)

  • Union Federal Savings Bank 0.75% ($2,500 min)


3 Month CD Rates

  • First Internet Bank of Indiana 0.45% APY ($1,000 min)

  • Pacific Mercantile Bank 0.43% APY ($1,000 min)

  • EverBank 0.40% ($1,500 min)

  • BankDirect 0.40% APY ($10,000 min)

  • Pacific Mercantile Bank 0.40% APY ($10,000 min)


6 Month CD Rates

  • Doral Direct 0.87% APY ($500)

  • Chartway Federal Credit Union 0.85% APY ($10,000 min)

  • EH National Bank 0.80% APY ($10,000 min)

  • ableBanking, a division of Northeast Bank 0.70% APY ($1,000)

  • GE Capital Bank 0.70% APY ($500 min)

  • My e-BAnC by BAC Florida Bank 0.70% APY ($500 min)


 
Author: Brian McKay
September 25th, 2014