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Current Savings Rates and Money Market Rates for October 28, 2013

Current Savings Rates and Money Market Rates for October 28, 2013

Money market rates and savings rates on average hover near record lows. The Federal Deposit Insurance Corporation's (FDIC) Weekly National Rates and Rate Caps report shows current savings account rates are averaging 0.06 percent. Average money market rates are slightly higher at 0.09 percent.

The most recent data available for average rates from the National Credit Union Administration (NCUA) shows average savings rates at 0.14 percent and average money market rates at 0.17 percent. The average FDIC rates and average rates from the NCUA are on par with current 1 year U.S. bond rates, which closed yesterday at 0.11 percent.

I know, there is no reason to get excited about deposit rates that are this low but you can find banks and credit unions offering deposit rates much higher than the averages. In fact, the best savings rates available from some financial institutions are more than 15 times the FDIC average.

Best Savings Account Rates October 28, 2013

Right now, The Palladian Private Bank is currently offering savings rates at 1.00 percent. There many other banks offering savings rates just below 1.00 percent. CIT Bank, Barclays Bank, and GE Capital Retail Bank are all offering online savings account rates at 0.90 percent.

Other banks offering savings rates many times the national average savings rate include Ally Bank, who is currently offering rates at 0.86 percent. American Express Bank, Colorado Federal Savings Bank, and FNBO Direct are all offering savings rates at 0.85 percent. Discover Bank is offering savings rates at 0.80 percent, Capital One 360 savings rate is at 0.75 percent, First Trade Union Bank and Heartland Bank Direct are both offering rates at 0.70 percent.

Best Money Market Rates October 28, 2013

The best money market account rates available are many times the current national average money market rate. The best money market rate available is from Sallie Mae Bank, the banking division of the student loan company, Sallie Mae. This bank's money market rate is currently at 0.90 percent.

The second highest money market rate available is from Ally Bank at 0.86 percent, which is the same rate Ally is offering on their savings account. GE Capital Retail Bank's Optimizer Plus money market rate is currently at 0.85 percent. First Internet Bank of Indiana and ableBanking, a division of Northeast Bank, are both offering money market account rates at 0.80 percent.

Other banks offering money market rates several times the national average include Bank of Internet USA, which has a current rate of 0.75 percent. Discover Bank's money market account rate is currently at 0.70 percent and VirtualBank current money market rate is at 0.65 percent.

All these bank deposit rates were gathered from RatesORama.com and are current as of October 28, 2013.

Author: Brian McKay
October 28th, 2013