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Higher Deposit Rates - 1.01% APY Top Money Market Rate
 

Higher Deposit Rates – 1.01% APY Top Money Market Rate

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Higher deposit rates are looking more and more likely. The latest economic news released yesterday showed underlying inflationary pressures that might force the Federal Open Market Committee to vote for a higher federal funds rate sooner than later. Since banks tie money market account rates and savings rates to the fed funds rate, deposit rates will also move higher.

The Bureau of Labor Statics released a report showing the Consumer Price Index Increased 0.3 percent in June. The last 12 months the CPI index increased 2.1 percent, which is the highest point the rate has been in many years. The CPI report, combined with a strong unemployment report which showed the unemployment rate at the lowest point since 2007, will all force rates higher.

We are now forecasting for a higher federal funds rate in the first 3 months of 2015. There is a small chance the rate will be increased in the final quarter of 2014. By the summer of 2015, the fed funds rate will probably be above 1.00 percent. Savings rates and money market rates will be around 2.00 percent.

Listed below are current savings rates and money market rates for July 23, 2014:

Best Savings Rates

  • Synchrony Bank 0.95%

  • CIT Bank 0.95%

  • GE Capital Bank 0.90%

  • Barclays Bank 0.90%

  • The Palladian Private Bank 0.90% APY

  • Ally Bank 0.87% APY


Best Money Market Rates

  • EverBank 1.01%

  • Sallie Mae 0.90%

  • iGoBanking.com 0.90%

  • Synchrony Bank 0.85%

  • Ally Bank 0.85%

  • Mutual of Omaha Bank 0.85% APY

  • Union Federal Savings Bank 0.85% APY


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Author: Brian McKay
July 23rd, 2014