Savings Rate and Money Market Rate Report August 2, 2016

Savings rates and money market rates remain stable in our Deposit Rate Report for August 2, 2016. There have been some rate changes since our last deposit rate report but no new highs to report. As expected, the FOMC didn't increase the fed funds rate during their meeting last week.

The next FOMC meeting is scheduled for September 20-21 but it's unlikely the FOMC will increase the rate during that meeting. Listed below are the current best savings rates and money market rates available in our database of rates.

Best Savings Account Rates August 2, 2016

• Synchrony Bank 1.04% Yield 1.05%
• AloStar Bank of Commerce 1.04% Yield 1.05%
• Gold Sachs Bank 1.04% Yield 1.05%
• Barclays 1.00% Yield 1.00%
• Ally Bank 1.00% Yield 1.00%
• Quorum Federal Credit Union 1.00% Yield 1.00%
• UFB Direct 1.00% Yield 1.00%
• My Savings Direct 1.00% Yield 1.00%
• Radius Bank 1.00% Yield 1.00%
• iGObanking.com 1.00% Yield 1.00%

 Best Money Market Account Rates August 2, 2016

• EverBank 0.61% Yield 1.11% - Promotional Rate
• Dime Savings Bank 1.09% Yield 1.10%
• iGObanking.com 1.09% Yield 1.10%
• East Boston Savings Bank 1.07% Yield 1.08%
• Capital One 1.00% Yield 1.00%
• Pacific National Bank 1.00% Yield 1.00%
• ableBanking, a division of Northeast Bank 1.00% Yield 1.00%

Average Deposit Rates for August 2, 2016

• Savings/ Money Market Account Balance $10,000 - Average Rate 0.49%
• Savings/ Money Market Account Balance $25,000 - Average Rate 0.58
• Savings/ Money Market Account Balance $50,000 - - Average Rate 0.60%