FOMC Meets Next Week, Rate Hike Unlikely

The Federal Open Market Committee (FOMC) meets next week to decide on the future direction of monetary policy. The FOMC is expected to keep the fed funds rate at 0.50 percent. In fact, the probability of a rate hike is next to nil. The CME Group's Fed Watch Tool  puts the possibility of a rate hike at a mere 1 percent.

Since the Fed isn't expected to increase the fed funds rate, variable deposit rates should stay near current levels. That leaves us looking forward to the Fed's June meeting for a rate hike and banks subsequently increasing savings rates.

Currently, the top rate on the savings rate list is from UFB Direct at 1.19 percent with a yield of 1.20 percent. The top money market rate on the list is from EverBank at 1.11 percent. The EverBank MMA rate has a six month promotional rate of 1.60 percent with an ongoing rate of 0.61 percent, the combined first year APY is 1.11 percent.

Listed below are the best variable deposit rates for April 20, 2016:

Best Online Savings Rates 4/20/16

• UFB Direct Rate 1.19% Yield 1.20%
• Synchrony Bank Rate 1.04% Yield 1.05%
• Goldman Sachs Bank USA Rate 1.04% Yield 1.05%
• AloStar Bank of Commerce Rate 1.04% Yield 1.05%
• Barclays Bank Rate 1.00% Yield 1.00%
• Ally Bank Rate 1.00% Yield 1.00%
• iGObanking.com Rate 1.00% Yield 1.00%
• My Savings Direct Rate 1.00% Yield 1.00%
• FNBO Direct Rate 0.95% Yield 0.95%
• Discover Bank Rate 0.95% Yield 0.95%
• Pacific National Bank Rate 0.90% Yield 0.90%
• CIT Bank Rate 0.90% Yield 0.90%
• American Express Rate 0.90% Yield 0.90%

Best Online Money Market Rates 4/20/16

• EverBank MMA Rate 0.61% Yield 1.11%
• Silvergate BankRate 1.10% Yield 1.11%
• Dime Savings Bank Rate 1.09% Yield 1.10%
• Northeast Bank Rate 1.09% Yield 1.10%
• iGObanking.com Rate 1.09% Yield 1.10%
• Pacific National Bank Rate 1.00% Yield 1.00%
• ableBanking Rate 1.00% Yield 1.00%
• Sallie Mae Rate 0.90% Yield 0.90%
• Ally Bank Rate 0.85% Yield 0.85%
• Mutual of Omaha Bank Rate 0.85% Yield 0.85%
• Synchrony Bank MMA 0.85% Yield 0.85%

Rates are constantly changing. For the most current updated rates use the rate lists at Savings.RatesORama.com.