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Best Savings Rates at 1.00% This Week, Best Money Market Rate at 1.01% APY
 

Best Savings Rates at 1.00% This Week, Best Money Market Rate at 1.01% APY

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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.

Best Savings Rates at 1.00% This Week, Best Money Market Rate at 1.01% APYInterest 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

  • CIT Bank 1.00%

  • Barclays Bank 1.00%

  • FNBO Direct 0.85%

  • Colorado FSB 0.85%

  • Ally Bank 0.84%

  • Discover Bank 0.80%

  • Bank of Internet USA 0.80%

  • Capital One 360 0.75%


Top Money Market Rates

  • EverBank 1.01% APY

  • Mutual of Omaha Bank 0.85%

  • AbleBanking 0.85%

  • GE Capital Retail Bank 0.85%

  • Seacoast Commerce Bank 0.85%

  • Ally Bank 0.84%

  • Bank of Internet 0.75%

  • Discover Bank 0.70%


Author: Stacy Everest
April 12th, 2013