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Savings Rates and Money Market Rates - Updated October 9,
2009
| Bank/Savings Account |
APY** |
Minimum Balance Required |
Check Writing |
Notes |
Your Questions and Thoughts |
EverBank Money Market Account
|
2.51% |
$1,500 |
Yes |
This is a 3 month introductory bonus rate on the first $50,000 deposited. Everbank's current money market rate is 1.51%. If you were to deposit an amount less than $50,000 and hold it at Everbank for a full year, your effective 1-year APY rate would be 1.77%. |
Post/read reviews of this bank |
ShoreBank Direct
|
2.15% |
$1 |
No |
|
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SmartyPig
|
2.01% |
$25 |
No |
Social networking site for savings. Money stored at West Bank. |
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AmericaNet Bank
|
2.00% |
$1 |
No |
Rate is valid only to a maximum of $35,000. |
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Provident New Jersey Direct
|
2.00% |
$500 |
No |
This is a 3 month introductory bonus rate. The bank's current market rate on deposits over $10,000 is 1.50%. |
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CNB Bank Direct
|
1.85% |
$1 |
No |
|
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Discover Bank
|
1.85% |
$500 |
Yes |
FDIC-insured offering competitive rates and convenient access. |
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American Express Bank
|
1.85% |
$1,000 |
No |
$1,000 is required to open the account, but no minimum balance required. |
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Flagstar Bank Express Money Market
|
1.81% |
$1 |
Yes |
Rate applies only to accounts opened by internet. |
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First Trade Union Bank
|
1.80% |
$2,500 |
No |
|
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Ally Bank
|
1.80% |
$1 |
No |
|
Post/read reviews of this bank |
EBSB Direct
|
1.77% |
$5,000 |
No |
|
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Clear Sky Accounts
From Chesapeake Bank
|
1.75% |
$1 |
No |
Clear Sky Accounts is a division of Chesapeake Bank. |
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Bank of Internet High Yield Savings
|
|
$100 |
No |
|
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Wilshire State Bank
|
1.75% |
$500 |
No |
|
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Capital One Costco
|
1.75% |
$5,000 |
No |
Rate for Costco customers only. |
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AIG Bank
|
1.71% |
$50,000 |
No |
Rate is 1.81% on balances over $100,000 and 1.66% on balances over $10,000. |
Post/read reviews of this bank |
Dollar Savings Direct
|
1.70% |
$1,000 |
No |
Owned by Emigrant Bank, and therefore deposits between accounts at this bank and Emigrant Direct fall under a single FDIC insurance policy. |
Post/read reviews of this bank |
Nationwide Bank
|
1.70% |
$1,000 |
Yes |
|
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One West Bank
Not yet rated. |
1.65% |
$10,000 |
No |
Formerly IndyMac Bank. |
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ADB Bank Direct Wealth Money Market
|
1.60% |
$1 |
No |
|
Post/read reviews of this bank |
IGoBanking.com
|
1.56% |
$1 |
No |
iGObanking.com is a division of Flushing Savings Bank, FSB. |
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Savings Square
|
1.55% |
$1 |
No |
Accounts with Savings Square are deposited with Kirkpatrick Bank. |
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ING DIRECT Electric Orange Checking
|
1.55% |
$100,000 |
Yes |
Rate is 1.60% on balances between $50,000 and $100,000, and 0.25% on balances under $50,000. ING Direct's Orange Savings account offers 1.50% with a $1 minimum. |
Post/read reviews of this bank |
OneUnited Bank
|
1.51% |
$1,000 |
No |
|
Post/read reviews of this bank |
FNBO Direct
|
1.50% |
$1 |
No |
|
Post/read reviews of this bank |
BankProvidentOnline
|
1.45% |
$1 |
No |
|
Post/read reviews of this bank |
HSBC Direct
|
1.35% |
$1 |
No |
|
Post/read reviews of this bank |
Citibank Ultimate Savings Account |
Savings rates from BestCashCow.com.
Bauer Soundness Ratings. BauerFinancial periodically assesses the health of
* Bauer Soundess Ratings. BauerFinancial periodically analyzes the health of the nation's banks and credit unions using information reported to the government, annual reports, and more. An explanation of their star system can be read here.
Savings Rates
Savings and money market rates tend to follow the path of the Federal Reserve's Fed Funds Rate. Unlike a CD, savings rates are not locked-in for any period of time. As a result, they can be lower then many longer-term CDs. That being said, some banks will offer very competitive rates on a savings account in return for not having to provide a guaranteed rate for a period of time. In times of rising rates, bank's prefer CDs, as they can lock their customers in at a lower rate even while interest rates rise. In a time of falling rates, banks generally prefer savings accounts, for the opposite reason.
But for safety, the availability of your money, and convenience, it's hard to beat a savings or money market account.
FDIC Insurance
Savings accounts and money market accounts at FDIC insured banks are insured up to $250,000 per social security number. That is, $250,000 of your money per person (defined as a unique social security number) is insured. You can increase this amount via joint accounts and beneficiary accounts.
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