Online Savings Rates Report August 10, 2016

The best online savings account rates are still just above 1.00 percent this week. A few banks made changes to their savings rates but there were no new highs to report. Savings rates are expected to remain near current levels until the Federal Open Market Committee raises the federal funds rate.

Another FOMC meeting came and went without a fed funds rate increase late last month. The next scheduled FOMC meeting is slated for late September. As of today, the CME Group Fed Watch tool puts the probability of a rate increase at a measly 12 percent.

Outside of the September meeting, there is another meeting scheduled for October and one in December. The Fed Watch Tool puts the chance of an increase in October at 13.4 percent and at 34.3 percent in December. The way things have been going in 2016, I'm not holding my breath for another rate increase this year.

Listed below are the top 10 bank and credit union savings rates for August 10, 2016.

Top Ten Bank and Credit Union Savings Rates August 10, 2016

  • Synchrony Bank 1.04% APY 1.05%
  • AloStar Bank of Commerce 1.04% APY 1.05%
  • Goldman Sachs Bank USA 1.04% APY 1.05%
  • Barclays Bank 1.00% APY 1.00%
  • Ally Bank 1.00% APY 1.00%
  • UFB Direct 1.00% APY 1.00%
  • Quorum Federal Credit Union 1.00% APY 1.00%
  • Radius Bank 1.00% APY 1.00%
  • 1.00% APY 1.00%

Author: Brian McKay
August 10th, 2016