Savings Account/MMA Deposit Rates January 16, 2013

The start of 2013 is starting to look a little better for deposit rates as average savings rates and money market rates move higher for the month of January. The increases aren't expected to continue because the Fed is continuing its policy of keeping the Fed funds rate at near zero percent to foster growth, so this will keep a lid on deposit rates moving higher.

The current average deposit rate on account balances of $10,000 is at 0.56 percent for the wee. ending January 16, 2013. This is up from last month's average rate of 0.51 percent. Average deposit rates on account balances of $25,000 increased to 0.68 percent, up from December's average of 0.58 percent. Rates on account balances of $50,000 are currently at 0.70 percent, up from last month's average of 0.64 percent.

The highest savings account rates on our rate list remain at 1.00 percent this month. CIT Bank and Barclays Bank are both offering their savings account rates at 1.00 percent. The highest money market account rates are at 1.04 percent this month. Union Federal Savings Bank is the sole bank offering MMA rates at 1.04 percent with an APY of 1.05 percent. Below is a quick rundown of the best deposit rates in January.

Best January Savings Rates

• CIT Bank Savings Account Rates 1.00% APY 1.00%
• Barclays Bank Savings Account Rates 1.00% APY 1.00%
• Ally Bank Savings Account Rates 0.95% APY 0.95%
• American Express Savings Account Rates 0.90% APY 0.90%
• Colorado FSB Savings Account Rates 0.85% APY 0.85%
• FNBO Direct Savings Account Rates 0.85% APY 0.85%

Best January Money Market Account Rates

• Union Federal Savings Bank Money Market Rates 1.04% APY 1.05%
• EverBank Money Market Account APY 1.01%
• Able Banking Money Market Rates 0.96% APY 0.96%
• Ally Bank Money Market Rates 0.95% APY 0.95%
• GE Capital Bank Money Market Rates 0.85% APY 0.85%