The highest bank savings account rates dropped rather measurably for the week ending October 29, 2009.  The average of the top ten best bank savings accounts rates was down two basis points or 2/100 of a percent from the previous week.  The interest rate decrease brought the average yield down to 1.81% from 1.83% in the prior week.

The highest savings account rate was unchanged.  The best bank savings account remains at ShoreBank Direct which continues to promote their online savings account with an interest rate of 2.15%.  1st Constitution Direct also continues to hold the position for the second best savings account yield with a savings account that has an interest rate of 1.95%.

Following the two highest bank rates is the high yield savings account of Discover Bank.  Discover Bank held their rates firm for the week, delivering an account that currently yields 1.85%.  American Express Bank had an equivalent yielding savings account last week but has since reduced the interest rate on the account to 1.70%, dropping the banks position to the ninth highest savings account rate.

The Palladian Private Bank promotes a savings account with an interest rate of 1.80%, making it the fourth highest rate available.  This interest rate was unchanged from the prior week.  Four banks follow with savings account rates at 1.75%, including; UFB Direct, Bank of Internet, First Trade Union Bank and Beverly National Bank Online.

The list of the top ten best savings account rates wraps up with Heartland Bank Direct and their savings account which has an interest rate of 1.65%.

Of the ten banks listed last week, only two banks altered their rates.  Ally Bank reduced their savings account rate and dropped off the lost making room for Heartland Bank Direct and American Express was notched down slightly due to the rate reduction on their savings account product.

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