Best Savings Account Rates in July 2012
interest rates at near zero percent until mid 2015. This is six months longer than the FOMC's official statement that it plans to keep the Fed Funds Rate at near zero percent until the end of 2014.
What does this mean for deposit rates? More of the same for a longer period of time and possibly beyond mid 2015. The FDIC's current average national average savings account rate is 0.09 percent. What is the point of saving money if you can only earn 0.09 percent on an annual basis?
Well thankfully there are banks offering savings account rates higher and money market account rates than the FDIC's national average rate. EverBank is currently offering one of the best money market account rates right now at 1.25 percent! That is higher than most bank savings rates or money market account rates these days.
Unfortunately EverBank's 1.25 percent money market rate is a promotional rate that only last 6 months but for the first 12 months the rate is 1.01 percent. This is calculated by combining the promo rate and the onging rate of 0.76 percent.
Other banks offering savings rates and money market rates well above the national average include American Express Bank. The current American Express Bank online savings account rate is 0.85 percent with an APY of 0.85 percent.
Another bank offering a rate very close to Amex Bank is Ally Bank. Right now Ally Bank online savings rate is at 0.84 percent with an APY of 0.84 percent. You can open a savings account at both Amex and Ally with no money.
A bank that pioneered the online savings account, ING Direct, is also offering an online savings rate more than 8 times the national average. ING Direct savings rates are currently offered at 0.80 percent with an APY of 0.80 percent.
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