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Savings Rates/MMA Rates Remain Stagnant as 1 Year CD Rates Move Higher
 

Savings Rates/MMA Rates Remain Stagnant as 1 Year CD Rates Move Higher

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Over the past year, the highest savings rates and money market rates haven't increased as much as the highest 1 year CD rates. The top savings/MMA rates increased about 10 basis points while the top 1 year CD rates increased around 25 basis points.

Comparing the best rates between different deposit products, we see the best savings rates at 1.15 percent and the best MMA rates at 1.10 percent. The best 1 year CD rate is 26 to 25 basis points higher at 1.36 percent. All deposit rates may move higher this week.

The Fed is expected to increase the fed funds rate 25 basis points to a targeted range of 0.50 percent and 0.75 percent. An increase will put pressure on banks and credit unions to increase deposit rates. Not all financial institutions will increase rates but the rate leaders will probably increase their rates to stay on top.

Listed below are the top savings rates and MMA rates currently available.

Top Savings Account Rates

  1. Popular Direct 1.14% Yield 1.15% (recently lowered 11 basis points)
  2. Synchrony Bank 1.04% Yield 1.05% (tied for 2nd place)
  3. SmartyPig 1.04% Yield 1.05% (tied for 2nd place)
  4. AloStar Bank of Commerce 1.04% Yield 1.05% (tied for 2nd place)
  5. Goldman Sachs Bank USA 1.04% Yield 1.05% (tied for 2nd place)
  6. Barclays Bank 1.00% Yield 1.00% (tied for 3rd place)
  7. Ally Bank 1.00% Yield 1.00% (tied for 3rd place)
  8. Radius Bank 1.00% Yield 1.00% (tied for 3rd place)
  9. FNBO Direct 0.95% Yield 0.95% (tied for 4th place)
  10. CIT Bank 0.95% Yield 0.95% (tied for 4th place)
  11. Discover Bank 0.95% Yield 0.95% (tied for 4th place)
  12. Pacific National Bank 0.90% Yield 0.90%
  13. Colorado Federal Savings Bank 0.85% Yield 0.85% (tied for 6th place)
  14. My Savings Direct 0.85% Yield 0.85% (tied for 6th place)
  15. EH National Bank 0.81% Yield 0.81%
  16. Capital One 360 0.75% Yield 0.75%

Top Money Market Account Rates

  1. EverBank 1.11% Yield (promo rate)
  2. Dime 1.09% Yield 1.10% (tied for 2nd place)
  3. Northeast Bank 1.09% Yield 1.10% (tied for 2nd place)
  4. firstcentral.direct 1.05% Yield 1.06%
  5. Capital One 1.00% Yield 1.00% (tied for 4th place)
  6. California First National Bank 1.00% Yield 1.00% (tied for 4th place)
  7. Pacific National Bank 1.00% Yield 1.00% (tied for 4th place)
  8. ableBanking, a division of Northeast Bank 1.00% Yield 1.00% (tied for 4th place)
  9. Synchrony Bank 0.85% Yield 0.85%
  10. Discover Bank 0.80% Yield 0.80% (tied for 6th place)
  11. EH National Bank 0.80% Yield 0.80% (tied for 6th place)
  12. First Internet Bank of Indiana (tied for 6th place)
  13. VirtualBank 0.65% Yield 0.65%

Author: Brian McKay
December 14th, 2016