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Savings Account Rates February 8, 2010

Bank savings account rates fell, on average, again for the week ending February 5, 2010.  The average rate for the top ten best savings account rates was down by one basis point or 1/100 of a percent on the week.  The average savings account rate closed at 1.56%, off from 1.57% in the prior week.

The highest bank savings account rate available nationally held steady for the week at 1.70%.  Two banks continue to offer this rate, Colorado Federal Savings Bank and The Palladian Private Bank.

Bank of Internet has the second best rate available this week as they did last week, albeit with a slightly lower rate this time.  Bank of Internet offers an online savings account with an interest rate of 1.60%.  Following this online account is the savings account marketed by UFB Direct that has an interest rate of 1.55%.  Choice Financial offers a bank savings count that falls four basis points back.  The Choice Financial account is available with an introductory rate of 2.06% and a tiered rate thereafter.  The rate for a balance of $25,000.00 within the tiered structure is 1.51% on the account.

The list of the top ten best savings accounts wraps up with five more banks that all offer the same yield on their savings accounts.  First Trade Union Savings Bank, NewDominion Bank, Ultima Bank, Dollar Savings Direct and American Express Bank have savings accounts that earn a rate of 1.50%.

This week’s list saw changes from two banks over the previous week.  Bank of Internet reduced their savings rate as did Capital One Bank.  Capital One Bank ended up with a rate too low to make the cut off this week and was replaced by First Trade Union Bank.

With the majority of bank rates lower this week as well as lower Treasury rates; there is little impetus for rising rates in the near future.

Savings account rates.  The top ten savings accounts rates for today.  High yield savings accounts form banks across the nation for the week of October 6th, 2009.  Bank savings accounts are FDIC-insured up to $250,000 per depositor.  Compare the best savings account rates in the list below.  This list is only for saving accounts, for bank money market account rates, please see the table listing the top ten bank money market account rates.

ShoreBank Direct 2.15%
1st Constitution Direct 1.95%
Discover Bank 1.85%
UFB Direct 1.85%
American Express Bank 1.85%
The Palladian Private Bank 1.80%
Ally Bank 1.80%
Beverly National Bank Online 1.75%
First Trade Union Bank 1.75%
Bank of Internet 1.75%

Savings yields have remained low for most of 2009, stabilized mid year and have recently retreated modestly.  The average savings account rate on the list of the top ten bank rates available nationally has fallen by two basis points or 2/100 of a percent since the close of the prior week. 

As much as savings account rates have fallen, short term bank CD rates and short term Treasury rates have dropped by more substantial sums.  These rates may not look very enticing at first glance however the average rate on the best six month bank CDs is at 1.67% and provides no liquidity while the interest rate on a six month Treasury bill is at a paltry 0.14%. 

The rates on the savings accounts listed above are the best 10 bank savings rates available, these rates are considerable higher than the national bank average which shows you can always do a little better by actively shopping around for the highest yield on a bank or savings account.