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.

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