Savings Rates Set to Increase in the 2nd or 3rd Quarter

Deposit rates are set to increase sometime in the next several months when the Federal Reserve increases the federal funds rate. The likelihood of an increase gets greater as more time passes. The latest an increase will come is likely in September.

Current average savings rates are at 0.48 percent for account balances of at least $10,000. The best savings rates available are more than double the average. In our database, two different banks are offering the best rate at 1.04 percent with an APY of 1.05 percent. The best money market rate is slightly lower at 1.01 percent APY.

The increase in the fed funds rate will most likely increase by 0.25 percent. That will send the highest savings rates and money market rates towards 1.30 percent. The best 1 year CD rates, currently around 1.25 percent, will rise towards 1.50 percent.

Listed below are the highest savings and money market rates for May 4, 2015:

Highest Savings Rates

• Synchrony Bank 1.04% APY 1.05%
• My Savings Direct 1.04% APY 1.05%
• Barclays Bank 1.00% APY 1.00%
• CIT Bank 1.00% APY 1.00%
• iGObanking.com 1.00% APY 1.00%
• Ally Bank 0.99% APY 0.99%
• American Express Bank 0.90% APY 0.90%
• Discover Bank 0.90% APY 0.90%
• Radius Bank 0.85% APY 0.85%
• Colorado FSB 0.85% APY 0.85%
• Capital One 360 0.75% APY 0.75%
• FNBO Direct 0.75% APY 0.75%
• Bank of Internet USA 0.61% APY 0.61%

Highest Money Market Rates

• EverBank 1.01% APY
• ableBanking, 1.00% APY 1.00%
• iGObanking.com 0.90% APY 0.90%
• Sallie Mae 0.90% APY 0.90%
• Synchrony Bank 0.85% APY 0.85%
• Ally Bank 0.85% APY 0.85%
• Mutual of Omaha Bank 0.85% APY 0.85%
• MyCBB 0.83% APY 0.83%
• EH National Bank 0.80% APY 0.80%
• First Internet Bank of Indiana 0.80% APY 0.80%
• Lone Star Bank 0.80% APY 0.80%
• Bank of Internet USA  0.75% APY 0.75%
• Discover Bank 0.75% APY 0.75%

Interest rates are constantly changing, make sure to search our database for the most current rates.