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Variable Deposit Rates Unchanged as CD Rates Move Higher
 

Variable Deposit Rates Unchanged as CD Rates Move Higher

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Variable deposit rates remained unchanged this week but CD rates moved higher. We won't see any across the board rate hikes until the Federal Reserve increases the federal funds rate. The best savings rate this week remains at 1.25 percent and the best money market rate remains at 1.11 percent.

Over the past month, the highest savings rate hasn't changed, but the highest MMA rate has increased. Last month the top MMA rate was at 1.10 percent, this month the top rate is 1 basis point higher. Again, there won't be any big changes in rates until the Fed increases rates. Over the past month, several banks  made small CD rate increases. The most recent increase was E-Loan's 1 year rate increase to 1.29 percent with an APY of 1.30%.

We have waited for the Fed to increase interest rates for many years now. In fact, the last federal funds rate increase was almost a decade ago back in 2006. The good news is we don't have to wait much longer. There is a really good chance the rate will be increased during the Fed's mid September meeting.

Best Variable Deposit Rates August 10, 2015


Savings Account Rates

  • MY Savings Direct Rate 1.24% APY 1.25%

  • The Palladian Private Bank Rate 1.09% APY 1.10%

  • Synchrony Bank Rate 1.04% APY 1.05%

  • GE Capital Bank Rate 1.04% APY 1.05%

  • Barclays Bank Rate 1.00% APY 1.00%

  • CIT Bank Rate 1.00% APY 1.00%

  • Ally Bank Rate 0.99% APY 0.99%

  • Discover Bank Rate 0.95% APY 0.95%

  • Amex Bank Rate 0.90% APY 0.90%


Money Market Rates

  • EverBank 1.11% APY (increased 0.10)

  • ableBanking Rate 1.00% APY 1.00%

  • Sallie Mae Bank Rate 0.90% APY 0.90%

  • Ally Bank Rate 0.85% APY 0.85%

  • Synchrony Bank Rate 0.85% APY 0.85%

  • MyCBB Rate 0.83% APY 0.83%


Check on the highest variable deposit account rates by searching the rate list at RatesORama.com
Author: Brian McKay
August 10th, 2015