Bank Savings Account Rates June 26, 2009

The downward pressure on bank yields continued for the week ending June 26, 2009 pushing down the rates on bank savings accounts even further.  Bank savings account rates dropped on average, two basis points or 2/100 of a percent for the week to rest at 2.12%.  The modest move in the average of the top bank rates left the highest savings rates in tact week over week.

The best bank savings account rate continues to hold at 2.32%.  The highest savings account rate is available at First Trade Union Bank in Massachusetts which has just recently revamped their website for easy access to account information and online account applications.  Only three banks continue to pay an interest rate in excess of 2.20%.  Other than the rate of First Trade Union, Tennessee Commerce Bank continues to promote a savings account at 2.30% while 1st Constitution Direct has a savings account that yields 2.25%.

All of the top ten bank savings account rates are paying at least 2.00% on their accounts.  The fourth best savings account rate comes from The Palladian Private Bank at 2.15%.  From here the interest rates available fall a considerable sum.  Bank of Internet has a savings account that yields 2.06%.  Only one basis point behind that figure is a savings account of ShoreBank Direct that is offered at 2.05%.  The remaining four banks have rates between 2.01% to 2.03%.

For short term savings needs, bank savings account rates continue to beat the near equivalent bank money market account rates.  In addition, these rates are above the best national bank CD rates since the short term CD rates have fallen precipitously over the past several weeks.  Short term CD rates can be found above the best bank savings rates among the state and regional bank CD rates for those investors searching higher short term yields with a fixed interest rate.

Tags: 1st Constitution Direct, bank CD, bank rates, Banks, best bank savings rates, CD rates, First Trade Union Bank, interest rates, money market, rates, savings, savings account rates, savings accounts, The Palladian Private Bank

This entry was posted on Tuesday, June 30th, 2009 at 9:36 am and is filed under Savings Account Rate Updates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.