Current Savings Account Rates May 24, 2012

Savings account rates remain very low and will remain low until 2015 thanks to the Fed's zero percent monetary policy. Current savings rates are averaging 0.53 percent for account balances of at least $10,000. There are banks offering savings interest rates higher than the average.

Right now on our savings rate table CIT Bank is offering their CIT Savings account at 1.04 percent with an annual percentage yield (APY) of 1.05 percent for account balances of $25,000 or more. Account balances of less than $25k earn a savings rate and APY of .90 percent.

The second best savings rate on our list is from Barclays Bank. The big British bank which just recently started offering deposit products in the U.S. is offering their Barclays Online Savings account rate at 1.00 percent with an APY of 1.00 percent.

EverBank has the third highest rate on our national list of rates. The bank is offering their Yield Pledge Money Market rate and APY at 0.91 percent for the first year the account is open.

The way the rate and yield  is calculated on EverBank's MMA has an introductory rate of 1.05 percent and an ongoing rate of 0.76 percent. Making the rate 0.91 percent. After the first year the ongoing rate and yield is 0.76 percent as of today.

Union Federal Savings Bank is fourth on our list with a rate and yield of 0.90 percent. Coming in with the fifth best rate on our list are MetLife Bank and Colorado Federal Savings Bank at 0.85% with an APY of 0.85%.

Ally Bank has the sixth highest rate and yield at 0.84 percent. A slew of banks are offering rates at 0.80 percent and rounding out our top ten rates is American Express Bank with a savings rate an APY of 0.75 percent.