Best Money Market Account Rates & Savings Rates 10/24/12

The best savings account rates and money market rates right now on our deposit rate list are currently at 1.04 percent. In this week's national rate survey from Bankrate the average savings rate is exactly half at 0.52 percent. The Federal Deposit Insurance Corporation's national average rate is even lower at 0.08 percent, making our top savings rate 13 times the FDIC average.

The online bank offering the best savings rates on our rate list is CIT Bank. The bank's current savings account rates for account balances of at least $25,000 is 1.04 percent with an APY of 1.05 percent. CIT Bank savings rates for account balances of less than $25,000 still earn a respectable rate of 0.90 percent which is higher than Bankrate's national rate and more than 11 times the FDIC average rate. Here is a list of the best savings account rates this week:

Best Savings Rates 10/24/12

• CIT Bank Savings Rates 1.04% APY 1.05%
• Barclays Bank Rates 1.00% APY 1.00%
• Ally Bank Savings Rates 0.95% APY 0.95%
• American Express Savings Rates 0.90% APY 0.90%
• Colorado Federal Savings Bank Rates 0.85% APY 0.85%
• Discover Bank Rates 0.80% APY 0.80%

The current national average money market account rate in the FDIC's rate survey this week is at 0.12 percent and our highest money market account rates are 8 times the FDIC average at 1.04 percent. Our highest money market rate is also considerably higher than the FDIC national average jumbo CD rate of 0.18 percent.

Sallie Mae Bank money market rates and Union Federal Savings Bank money market rates are currently at 1.04 percent with an APY of 1.05 percent. Sallie Mae Bank has no minimum opening deposit for a money market account while Union Federal Savings Bank has a $2,5000 minimum. Here is the a list of the best money market rates this week:

• Sallie Mae Bank Money Market Account Rates 1.04% APY 1.05%
• Union Federal Savings Bank Money Market Interest Rates 1.04% APY 1.05%
• EverBank Money Market Account APY 1.01%
• Able Banking Money Market Account Rates 0.96% APY 0.96%
• Ally Bank Money Market Account  Rates 0.95% APY 0.95%
• MetLife Bank Money Account Rates 0.85% APY 0.85%