Top Savings Rate at 1.25%, Top MMA Rate at 1.10%

The best online savings rate this week is at 1.25 percent and the best money market rate is at 1.10 percent. The highest variable deposit rates haven't changed from last week's top rates. We will continue to see banks increase their rates in the coming months, before the Federal Open Market Committee increases the federal funds rate. The only increase this week is a 0.05 percent increase in Discover Bank's savings rate.

The increases will be small, just like recent increase from Discover Bank. Overall, the highest savings rate might go up 5 basis points to 1.30 percent. The top money market rate will probably go up towards 1.15 percent. Larger increases will have to wait until the FOMC increases the federal funds rate.

The first fed funds increase, in almost a decade, will be a 25 basis point increase. The highest savings rates and money market rates will also increase 0.25 percent. There will probably be 2 or 3 increases in 2015. By the end of the year, variable deposit rates will be around 2.00 percent.

You can see the best variable deposit rates for this week below. To search for current rates go to Savings.RatesORama.com

Highest Variable Deposit Rates July 18, 2015

Savings Rates

• MY Savings Direct 1.24% APY 1.25%


• The Palladian Private Bank 1.09% APY 1.10%


• Synchrony Bank 1.04% APY 1.05%


• GE Capital Bank 1.04% APY 1.05%


• Barclays Bank 1.00% APY 1.00%


• CIT Bank 1.00% APY 1.00%


• iGObanking 1.00% APY 1.00%


• Ally Bank 0.99% APY 0.99%


• Discover Bank Rate 0.95% APY 0.95% (up 0.05%)


• Colorado Federal Savings Bank 0.85% APY 0.85%


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  Radius Bank 0.85% APY 0.85%

MMA Rates

• iGObanking.com 1.09% APY 1.10%


• EverBank 1.01% APY


• ableBanking 1.00% APY 1.00%


• Sallie Mae Bank 0.90% APY 0.90%


• Ally Bank 0.85% APY 0.85%


• Synchrony Rate 0.85% APY 0.85%


• Mutual of Omaha Bank 0.85% APY 0.85%


• MyCBB 0.83% APY 0.83%