The average rate for the top bank savings accounts held their ground this week based the survey of national bank rates performed by SelectCDrates.com. The average savings account rate for the top ten best savings account rates remained at 1.40%, unchanged from the prior week.
While the average rate was unchanged for the week, the highest savings account rate available nationally fell by four basis points or 4/100 of a percent. The highest savings account rate dropped down to 1.51% from 1.55% in the prior week. The best savings account is now available at Choice Financial which offers an introductory 30 day rate of 2.06% on top of the standard tiered interest rates.
The second highest savings account rate is available at three banks that offer savings yields just one basis point lower than the top rate. NewDominion Bank, The Palladian Private Bank and First Trade Union Bank market savings account with a rate of 1.50%. Following this trio of banks, another three banks offer identical yields on their savings accounts to offer the third highest rates available. Discover Bank, Danversbank and Capital One Bank have savings accounts that earn a rate of 1.35%.
The remaining three banks on the list also offer the same rates on their savings accounts. American Express Bank, Bank of Internet and Dollar Savings Bank complete the list of the top ten best bank savings account rates with yields at 1.30%.
Most bank rates showed no change in their interest rate from the previous week’s survey of the top banks around the country. Only one bank, The Palladian Private Bank, had reduced their interest rate from the previous week while one bank, Capital One Bank, actually increased their bank savings account rate.
Online bank savings accounts offers flexibility and the safety of FDIC insurance. As interest rates on bank accounts have been driven down through most of this year, the liquidity offered by a bank savings account provides a viable alternative to the lower rates of Treasury securities and the fixed terms of bank certificates of deposit.
As the first month of 2010 came to a close, investors in savings accounts saw yields move steadily lower. The last week of January was no exception to this trend in lower rates, with the average rate on the top ten best bank savings accounts dropping once again. The average yield for the highest savings account rates available nationally lost two basis points or 2/100 of a percent for the week. The average yield now stands at 1.57%, down from the prior week’s average of 1.59%.
The highest savings account rates dropped by 10 basis points week over week. The best bank savings account rate is available at two banks, The Palladian Private Bank and Colorado Federal Savings Bank. Both of these banks offer savings account that have an interest rate of 1.70%.
The second highest savings rate comes from Bank of Internet which offers a savings account at 1.65%. Two banks follow with savings account rates that are 10 basis points lower. UFB Direct and Capital One Bank have savings account that yield 1.55%.
Choice Financial follows with a savings account that has an initial promotional interest rate of 2.06% than follows a tier rate schedule which is based on the amount held in the account. For savings account deposits of $25,000.00 to $99,999.00 the interest rate earned is 1.51%.
The remaining four banks on the list of the top ten best savings accounts rates all offer the same rate on their savings accounts. American Express Bank, Ultima Bank Minnesota, Dollar Savings Direct and NewDominion Bank have savings accounts with interest rates set at 1.50%.
The biggest change for the week came from last week’s market leader. The Palladian Private Bank which is tied for the highest rate this week held the top spot last week with a rate that was 10 basis points higher at 1.80%. The only other change in rates for the week came from Discover Bank which reduced the rate on their online savings account from 1.60% to 1.35% this week, which pushed Discover Bank off of the current top ten highest savings account list. Discover Bank was replaced by NewDominion Bank.
While most bank rates were lower for the third week of the year, bank savings account rates held steady. For the week ending January 22, 2010 the top best bank savings account rates available nationally were unchanged. The average of the highest savings account rates remained at 1.59%.
The highest savings account rate was also unchanged at 1.80%. The best savings account rate is available at The Palladian Private Bank. Immediately following The Palladian Private Bank is the savings account of Colorado Federal Savings Bank which has an interest rate of 1.70%. Five basis points lower is the savings account of Bank of Internet that yields 1.65%.
The fourth high savings rate comes from Discover Bank. Discover Bank offers savings account that currently has an interest rate of 1.60%. Running five basis points behind Discover, two banks share the fifth highest rate available nationally. Both, UFB Direct and Capital One Bank continue offer online savings account that earn a rate of 1.55%.
Choice Financial Bank follows the duo ion fifth place with a bank savings account that yields 1.51%. To wrap up the list of the top ten best savings accounts rates, three banks offer savings accounts at 1.50%. American Express Bank, Dollar Savings Direct and Ultima Bank of Minnesota, all have savings account with rate at 1.50%.
This week’s list of the top ten best bank savings account rates was unchanged from the previous week. The average rate remained unchanged as did the highest rate available. Week over week there were no rate change rate changes or new banks added or removed from the list.
In a week when Treasury rates headed lower along with bank CD rates, interest rates remaining in neutral is not necessarily bad news. Since economic news has remained weak, the outlook for interest rate increases by the Fed and interest rate increases on savings investment vehicles in the near future looks slim. It is not likely that rates will rise within the first two quarters of 2010 with the slow economy keeping a firm lid on rates.
As with most bank interest bearing accounts, saving accounts are continuing to see yields fall. The average bank savings account rate from the top ten highest savings accounts available nationally is currently at 1.59 percent, down two basis points or 2/100 of a percent from the prior week’s average rate of 1.61 percent.
The highest yielding bank savings account remained at 1.80%. The best bank savings account rate is available at The Palladian Private Bank. This bank rate leads the next best rate by a full ten basis points. The next best rate comes from Colorado Federal Savings Bank which has a savings account that yields 1.70%. Running behind Colorado Fed by five basis points is Bank of Internet which promotes a savings account rate at 1.65%.
The fourth highest bank savings account rate available nationally stands at 1.60%. This rate can be found with an online savings account at Discover Bank. Capital One Bank, which recently stepped up the rates on its money market and savings account, and UFB Direct offer savings account rates 1.55%. Choice Financial follows these offers with a savings account that yields 1.51% for balances in excess of $25,000.00. The savings account also has an introductory rate of 2.26% that is good for 30 days.
Three banks remain on the list for the top ten best savings account rates and all three banks offer the same savings rate of 1.50%. Ultima Bank Minnesota, Dollar Savings Direct and American Express Bank promote savings account with interest rates at 1.50%.
For week over week rate changes, two banks reduced their savings rates and their were no bank rate increases. A regular participant on the list, Shore Bank, dropped their rate after holding one of the top three rates for several months. The rate drop was low enough to prevent the bank from making this weeks cut off. The Shore Bank loss made room for Ultima Bank Minnesota to squeeze in the number 10 spot.
Bank savings account rates have continued their slide into 2010. Savings account rates had been holding up rather well while bank CD rates had steadily fallen through most of 2009. Bank savings account rates are now falling faster than CD rates, albeit the top rates remain competitive with other short term interest bearing investments. The average rate on the top ten best bank savings accounts rates has dropped to 1.61% for the week ending January 8, 2010.
The highest bank savings account rate available nationally can be found at The Palladian Private Bank which offers a savings account yielding 1.80%. The second best rate available falls a full ten basis points or 10/100 of a percent behind this rate at 1.70%. A savings rate of 1.70% is available at two banks, ShoreBank Direct and Colorado Federal Savings Bank.
Bank of Internet follows these two institutions with a savings account rate of 1.65%. Five basis points lower, two banks promote savings account that have interest rates set at 1.60%. Discover Bank and Capital One Bank both offer accounts that currently yield 1.60%.
UFB Direct holds the seventh position on the top list of the best savings accounts rates and has the fifth highest interest rate at 1.55%. Four basis points lower is the savings account of Choice Financial which has an interest rate of 1.51%. Just one basis point lower the list ends with the savings accounts of Dollar Savings Direct and American Express Bank which offer savings accounts that yield 1.50%.
Most economic gurus (ha!) expect interest rates to rise soon, making the FDIC insured security, high yields and liquidity of bank savings account a desirable alternative to other comparable investments. Bank savings accounts enjoy practically risk free income, the key is to shop and compare the best bank rates available before investing. To maintain a diversified portfolio of income earning assets, liquidity and safety it is always prudent to compare the best money market account rates as well short and mid term certificate of deposit rates as well.
Bank savings accounts rates moved lower for the week by a relatively slim margin. The average of the best bank savings account rates dropped by one basis point or 1/100 of a percent for the week. The average savings account yield of the top ten best bank rates stood at 1.74%, down from the prior week’s average rate of 1.75%.
The highest savings account rate remained firm week over week. The top rate comes from ShoreBank Direct which held their savings account yield fixed at 1.95%, this rate also continues to tower above the competition. The next best savings rate is promoted by The Palladian Private Bank. Palladian’s rate is a full a 15 basis points lower with an interest rate of 1.80%.
The third highest rate available is offered by three separate banks. 1st Constitution Direct, Beverly National Bank Online and Discover Bank all offer savings accounts that yield 1.75%. All three financial institutions held their rates steady from the prior week.
Following these three banks, three more banks offer savings accounts at 1.70%. Colorado Federal Savings, Bank of Internet and American Express Bank have savings rates at 1.70% which are also unchanged from the prior week. The top bank rates for savings accounts winds up with First Trade Unions Bank’s savings account that has an interest rate of 1.65% and UFB Direct that has a savings account rate of 1.60%.
The only change on this week’s list of the ten best savings account rates from the previous week was the rate reduction on UFB Direct’s savings account. UFB Direct’s savings account rate drop from 1.70% to 1.60% left the bank on the list but pushed it from having the fourth highest yield last week to the bottom of the list this week. No other bank rate changes occurred for the highest yields nor were there any new banks added onto the list.
The average of the best bank savings account rates available nationally slipped marginally by the close of the week ending November 20, 2009. The average yield on the highest bank savings accounts was down by one basis point or 1/100 moving the yield to 1.74% from 1.75% in the prior week.
The highest bank savings account rate available remained unchanged week over week. The best savings account rate continues to be offered by ShoreBank Direct with an interest rate of 1.95%. The next best bank savings rate was also unchanged for the week but falls significantly behind the highest bank rate. The Palladian Private Bank promotes a savings account rate at 1.80% which stands as the second best savings account rate available nationally.
Three banks offer bank savings accounts rates that fall five basis points lower than the Private Bank. Discover Bank, 1st Constitution Direct and Beverly National Bank Online market savings accounts with yields at 1.75%. In the previous week, Bank of Internet had also been offering a savings account at 1.75%, the bank has since reduced the interest rate earned on that account to 1.70%.
Along with Bank of Internet’s reduced rate, American Express Bank, UFB Direct and Colorado Federal Savings Bank all offer savings accounts that have interest rates at 1.70%. The list of the top ten bank savings account rates concludes with First Trade Union Bank which offers their High and Mighty Savings Account with an interest rate of 1.65%. Additional banks offer a 1.65% rate which were not listed due to the list constraints.
Rate changes for the week were negligible week over week. Two banks, Bank of Internet and Heartland Bank Direct, reduced their rates. Bank of Internet simply dropped down a notch and Heartland was pushed off the list since their rate reduction went from 1.65% to 1.51% making First Trade Union Bank the tenth best bank rate. There were no bank rate increases during the week.
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.
The best bank savings account rates were unchanged for the week ending October 23, 2009. The average yield for the top ten bank savings rates held steady for the week at 1.83%.
The best savings account rate continues to be promoted by ShoreBank Direct with an interest rate of 2.15%. This is an online savings account only with minimum deposit of $1,000.00. This savings account rate is not only the highest savings account rate but also leads the best rate offered for a money market account as well.
Following ShoreBank Direct, the savings account of 1st Constitution Direct is the next best savings rate available nationwide. 1st Constitution Direct offers a savings account that currently yields 1.95% on deposits of $10,000.00 or higher. 1st Constitution Direct offers an initial higher teaser rate, for the first three month after the account is open the interest rate is at 2.00%.
The third best savings account rate is offered by two banks. American Express Bank and Discover Bank promote savings accounts with interest rates at 1.85%. The Palladian Private has a savings account yield just five basis points back at 1.80%. Four banks, UFB Direct, Bank of Internet, First Trade Union Bank and Beverly National Bank Online all market savings account rates at 1.75%. Wrapping up the top ten best savings account rates is the bank rate of Ally Bank with a savings account rate at 1.70%.
All of the listed top ten bank savings accounts rates are unaltered from the previous week. The highest savings rate remained constant as did the lowest and all eight in between. When comparing savings account rates, interest rates paid on bank money market accounts as well as short term CDs should be evaluated in order to find the best bank rate available.
Most all of the top ten savings account rates available nationally are online savings account. First Trade Union Bank, Hanmi Bank and The Palladian Private Bank offer their savings rates at the bank branch level as well.
The best bank savings rates fell modestly for the week ending October 16, 2009. The average of the top ten best bank savings account rates was down two basis points or 2/100 of a percent for the week ending October 16, 2009.
The highest savings account rate available nationally remained stable. ShoreBank Direct continues to offer the highest savings rate with their online savings account that has an interest rate of 2.15%. The next best savings account rate also remained unchanged for the week. 1st Constitution Direct has not altered their high yield savings account. This online savings account is promoted with an interest rate of 1.95%.
The top three bank savings account rates include American Express Bank as well as Discover Bank. Both banks offer online savings accounts that have yields of 1.85%. Rounding the top banks is The Palladian Private Bank which offers a savings acount with an interest rate of 1.80%, which is also unchanged from the previous week.
Two banks reduced the interest rates earned on bank savings account. Ally Bank dropped their yield ten basis points, lowering the interest rate from 1.80% down to 1.70%. UFB Direct also reduced the rate they offer on their online savings account. UFB Direct dropped the rate by five basis points, pushing the interest rate offered down from 1.80% to 1.75%.
As a whole, bank interest rates for savings accounts were relatively stable. The top five best bank rates were unchanged while just two banks on the top ten list reduced their rates. In light of the overall low yields in bank rates, these savings accounts rates are holding up well. The one caveat with bank savings account as opposed to bank CDs or other fixed income investments is that these accounts are all variable rate bank accounts and the interest rate may be reduced at the bank’s discretion.