Current Savings Rates and Money Market Rates 10/15/13

Savings rates and money market rates have been stable the past month as there have been no real changes in average rates and the best available rates. This is unlike short term bond rates which have gone through the roof the past month on fears of a debt default by the United States. 1 month U.S. bond rates soared from .001 percent in late September to 0.27 percent last week.

Surprisingly, in the past week, rates have come down somewhat even though a debt deal hasn't been reached yet. During the past month, the best savings rates available in our rate database remain at 1.00 percent. The best money market account rates also remain unchanged at 0.90 percent this month.

Savings account rates, money market rates, and CD rates will pretty much remain near current levels for now. These rates won't move higher until the Federal Open Market Committee increases the federal funds rate. We don't expect an increase in the federal funds rate until sometime in mid 2014.  Unfortunately, this means deposit rates won't move higher anytime in 2013 and probably won't move higher until the summer or fall of 2014. We are all eagerly awaiting higher interest rates after more than 5 years of low rates.

Average Savings Rates/Money Market Rates

Current Savings Rates and Money Market Rates 10-15-13National average savings rates/money market rates for account balances of $10k remain at 0.45 percent. Account balances of at least $25k are also unchanged this month at 0.58 percent. Account balances of at least $50k have seen the average rate move up 1 basis point to 0.64 percent this month.

Best Savings Rates Available This Month

  • The Palladian PrivateBank 1.00%
  • Barclays Bank 0.90%
  • GE Capital Retail Bank 0.90%
  • CIT Bank 0.90%
  • FNBO Direct 0.85%
  • Colorado FSB 0.85%
  • Ally Bank 0.84%
  • Discover Bank 0.80%

Best Money Market Rates Available This Month

  • Sallie Mae Bank 0.90%
  • EverBank 0.86%
  • GE Capital Retail Bank 0.85%
  • Mutual of Omaha Bank 0.85%
  • Ally Bank 0.84%
  • First Internet Bank of Indiana 0.80%
  • ableBanking, a division of Northeast Bank 0.80%

You can find the highest savings account rates, money market account rates, and CD rates by searching our rate tables. Our rate tables are updated daily with the best rates available.

Author: Brian McKay
October 15th, 2013

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