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Current Money Market Rates May 21, 2013: Best Rate at 1.01% APY

Current Money Market Rates May 21, 2013: Best Rate at 1.01% APY

Current Money Market Rates May 21 2013 Best Rate at 101 APYThe best money market rate in our database is a 6 month promotional rate of 1.25 percent from EverBank. The first year APY on the account is lower at 1.01 percent, but that rate is still top in our list of the highest money market rates. EverBank's rate also tops the best savings rate in our database by 1 basis point.

While interest rates have slowly drifted lower over the past several years, there is hope that we will finally see higher interest rates sometime in 2014. Stronger economic growth combined with higher inflation and a lower unemployment rate will force the Federal Reserve to increase their key interest rate, the fed funds rate.

Until that happens, we all have to deal with low rates on money market accounts, savings accounts, and certificates of deposit. Since rates will be moving higher sometime next year, the one thing we can recommend is to be patient and stay liquid in short term CD accounts or other types of deposit accounts and not locking in a low rate on a long term CD account. Following is a list of current money market rates:

  1. EverBank MMA 1.01% APY first year (6 month promo rate of 1.25%, ongoing rate of 0.76)

  2. Seacoast Commerce Bank 0.85%

  3. Mutual of Omaha Bank 0.85%

  4. Ally Bank  0.84%

  5. First Internet Bank of Indiana 0.80%

  6. ableBanking 0.80%

  7. Bank of Internet 0.75%

  8. Discover Bank 0.70%

  9. Virtual Bank 0.65%

  10. GiantBank.com 0.60%

Every week we publish lists of the highest interest rates in our rate database. Rates change constantly so always be sure to search our database to find the best rates available.

Author: Brian McKay
May 22nd, 2013