Variable Deposit Rate Report for January 14, 2016

A few banks have increased their rates, so average deposit rates are slightly higher this week. Variable deposit rates have been stable so far in 2016 but that will change in the coming months. The biggest force behind any deposit rate increases is the Federal Open Market Committee (FOMC). The FOMC meets again in less than 2 weeks to decide on interest rate policy.

The Fed is widely expected to keep the fed funds rate in the current range of 0.25 percent to 0.50 percent. As of today, there is a 90.5 percent chance the Fed won't increase the fed funds rate according to the CME Group's Fed Watch Tool. The next Fed meeting is in March and as of today there is only a 34.5 percent probability the Fed will increase the rate during that meeting.

Deposit rates will move higher in 2016. The question isn't if, but when. Listed below are this week's best savings rates and money market rates.

Savings Rates

• North American Savings Bank Rate 1.11% Yield 1.12%
• Synchrony Bank Rate 1.04% Yield 1.05%
• GE Capital Bank Rate 1.04% Yield 1.05%
• Barclays Bank Rate 1.00% Yield 1.00%
• Ally Bank Rate 1.00% Yield 1.00%
• iGObanking.com Rate 1.00% Yield 1.00%
• My Savings Direct Rate 1.00% Yield 1.00%
• CIT Bank Rate 0.99% Yield 1.00%
• Discover Bank Rate 0.95% Yield 0.95%

Money Market Rates

• EverBank Rate 0.61% Yield 1.11%
• Dime Rate 1.09% Yield 1.10%
• Northeast Bank Rate 1.09% Yield 1.10%
• iGObanking.com Rate 1.09% Yield 1.10%
• ableBanking Rate 1.00% Yield 1.00%
• Ally Bank Rate 0.85% Yield 0.85%
• Mutual of Omaha Bank Rate 0.85% Yield 0.85%
• Synchrony Bank Rate 0.85% Yield 0.85%
• MyCBB Rate 0.83% Yield 0.83%
• Discover Bank 0.80% Yield 0.80%