This Week’s Best Savings and Money Market Rates

There were no real changes in average savings rates and money market rates this week. The FDIC's current national average savings rate is at 0.08 percent. Average jumbo savings rates are also at 0.08 percent. The FDIC's rate cap on savings account rates are at 0.83 percent for both regular savings accounts (balances of less than $100k) and jumbo savings accounts (balances of more than $100k). 

Average money market rates in this week's FDIC survey are at 0.12 percent for regular money market accounts (balances of less than $100k) and jumbo money market rates (balances of more than $100k) are averaging 0.18 percent. The FDIC money market rate cap on regular money market accounts is 0.87 percent and the jumbo rate cap if 0.93 percent.

The best savings rates on our rate list this week are still 13 times the national average. The highest savings account rates on our rate list are CIT Bank's savings rates which are currently at 1.04 percent (APY 1.05) , exactly 13 times the FDIC national average savings rate.

The best money market rates on our list are also at 1.04 percent with an APY of 1.05 percent, which is more than 8 times the FDIC average money market rate. Union Federal Savings Bank is offering money market rates at 1.04 percent with an APY of 1.05 percent.

Below are lists of the highest interest rates on our rate lists for the week ending September 25, 2012:

Highest Savings Account Rates This Week

  • CIT Bank Savings Account Rates 1.04% APY 1.05%

  • Barclays 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 Federal Savings Bank Account Rates 0.85% APY 0.85%

  • Discover Bank Savings Account Rates 0.80% APY 0.80%

Highest Money Market Rates This Week

  • Union Federal Savings Bank Money Market Account Rates 1.04% APY 1.05%

  • EverBank Money Market Account Rates APY 1.01%

  • Sallie Mae Bank Money Market Account Rates 1.00% APY 1.00%

  • Ally Bank Money Market Account Rates 0.95% APY 0.95%

  • ableBanking Money Market Account Rates 0.90% APY 0.90%

  • MetLife Bank Money Account Rates 0.85% APY 0.85%

All the savings accounts and money market accounts listed above are insured by the FDIC for up to $250,000.

 
Author: Brian McKay
September 25th, 2012

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