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Best Rates for Savings & Deposits in the US

MoneyRates.com Senior Financial Analyst, CFA
July 28, 2015

Bank depositors would be wise to search for higher rates themselves rather than wait for rates across the board to start to rise after another quarter of rates stagnating near zero.

Higher rates? We've heard that one before….

So far, all the talk about interest rates heading higher is mostly just that - talk. Throughout this year, speculation has been rampant that the Federal Reserve might finally be ready to raise interest rates, and the board may yet do so in the weeks or months ahead. After all, economic conditions would certainly indicate that the time has come. The inflation rate, which slipped into negative territory around the turn of the year, has now been solidly positive over the past five months. Employment growth has averaged a quarter million new jobs per month over the past year, driving the unemployment rate down to 5.3 percent as of June 2015.

These indicators are significant because more solid inflation and lower unemployment are the conditions routinely cited by the Fed as necessary before the board will raise rates. Promising though they may be though, until rates actually start to rise, economic indicators are of little comfort to depositors earning virtually nothing on their saving and money market accounts.

The average savings and money market rates in the MoneyRates America's Best Rates survey have been below 0.20 percent for two years now. For consumers who are tired of waiting for good news on rates, at least there are some savings and money market accounts that stand out from the crowd, and offer something a little better than the average.

Top 10 best saving account rates

Here are the top 10 savings account rates in the second quarter America's Best Rates survey:

Bank

Savings account rate

1st place

Synchrony Bank (ABR platinum medal winner)

1.042 percent

2nd place

Barclays Bank (ABR gold medal winner)

1.000 percent

3rd place

Ally Bank (ABR silver medal winner)

0.990 percent

4th place

CIT (ABR bronze medal winner)

0.953 percent

5th place

Discover Bank

0.903 percent

6th place

American Express Bank

0.900 percent

7th place

Sallie Mae Bank

0.800 percent

8th place (tie)

Capital One 360 Bank

0.750 percent

8th place (tie)

FNBO Direct

0.750 percent

10th place

EverBank

0.610 percent

Overall, the average savings account rate dropped from 0.171 percent to a new low of 0.160 percent. Rates either dropped or stayed the same in every sub-category of savings account - online and traditional branch-based accounts, as well as accounts at large, medium and small banks.

Even though they could not escape the trend towards lower rates in the second quarter of 2015, online accounts remain the most likely place to find higher savings account rates. Eight of the top 10 savings account rates are offered by online accounts, and the average online savings account rate is 0.552 percent, compared to an average of 0.074 percent for branch-based accounts.

Top 10 best money market account rates

Here are the top 10 money market accounts in the second quarter America's Best Rates survey:

Bank

Money market account rate

1st place (tie)

Sallie Mae Bank (ABR platinum medal winner)

0.900 percent

1st place (tie)

Santander Bank (ABR platinum medal winner)

0.900 percent

3rd place (tie)

Ally Bank (ABR gold medal winner)

0.850 percent

3rd place (tie)

Mutual of Omaha Bank (ABR gold medal winner)

0.850 percent

3rd place (tie)

Synchrony Bank (ABR gold medal winner)

0.850 percent

6th place

Discover Bank (ABR silver medal winner)

0.750 percent

7th place

Nationwide Bank (ABR bronze medal winner)

0.651 percent

8th place

EverBank

0.610 percent

9th place

OneWest Bank

0.500 percent

10th place

Zions Bank

0.450 percent

Money market rates held up a little better than savings account rates in the second quarter, as the overall average actually rose ever so slightly to 0.159 percent. This now makes the average money market rate virtually identical with the average savings account rate of 0.160 percent.

As with savings accounts, online accounts are the best place to look for higher money market rates. The average online money market rate was 0.550 percent, compared to 0.102 percent for branch-based accounts. Branch-based accounts are better represented in the top 10 money market rates than in the top 10 savings account rates, as only six of the 10 top money market rates are from online accounts.

Americas Best Rates Q2 2015

Why actively shop for better rates

Several years into this era of low interest rates, waiting for higher rates has become tiresome for consumers. However, rather than waiting passively for rates to rise, consumers can benefit from actively shopping for higher rates. The top savings account rate in the survey is more than six times the average rate. The top money market rate is more than five times the average.

The America's Best Rates survey is conducted quarterly, based on the MoneyRates Index of 100 banks representing a mixture of large, medium and small institutions. While this does not encompass all banks, it captures a significant portion of the total dollars on deposit, as well as a cross-section of different bank sizes.

What's your bank? Are your savings or money market account rates better or worse than the ones in the survey? 

MoneyRates Featured Savings Rates
 Account Type
 Amount

Type: Savings

Minimum to earn APY $0

1.05%APY

Rates as of 7/29/2015
FDIC Insured

Advertiser Comments

  • Member FDIC
  • ID Theft Resolution Services
  • Synchrony Bank was formerly GE Capital Retail Bank

Type: Savings

Minimum to earn APY $0

0.90%APY

Rates as of 7/29/2015
FDIC Insured

Advertiser Comments

  • Member FDIC. No minimums and no fees.

Type: Savings

Minimum to earn APY $0

1.00%APY

Rates as of 7/29/2015
FDIC Insured

Advertiser Comments

  • A rate that's 11x better than the national average
  • No minimum balance and no hidden fees
  • Link directly to any existing bank account

Type: Savings

Minimum to earn APY $0

0.99%APY

Rates as of 7/29/2015
FDIC Insured

Advertiser Comments

  • No minimum deposit to open.
  • No monthly maintenance fees.
  • Member FDIC.

Type: Savings

Minimum to earn APY $0

0.75%APY

Rates as of 7/29/2015
FDIC Insured

Advertiser Comments

  • Capital One 360: No fees. No minimums. No changing banks.

Type: Savings

Minimum to earn APY $1000

0.85%APY

Rates as of 7/29/2015
FDIC Insured

Advertiser Comments

  • Easy to open. Easy to fund. Easy to manage.
  • Free online banking and eStatements.
  • National network of free ATMs.

Rates / APY terms above are current as of the date indicated. These quotes are from banks, credit unions and thrifts, some of which have paid for a link to their website. Bank, thrift and credit union deposits are insured by the FDIC or NCUA. Contact the bank for the terms and conditions that may apply to you. Rates are subject to change without notice and may not be the same at all branches.

Archive of America's Best Rates Surveys

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