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
Best Online Money Market Rates 4/20/16
Rates are constantly changing. For the most current updated rates use the rate lists at Savings.RatesORama.com.
RatesORama.com Average Mortgage Rates