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.

Tags: , , , , , , , , ,

No user commented in " Savings Account Rates for the Week Ending October 16, 2009 "

Follow-up comment rss or Leave a Trackback

Leave A Reply

 Username (*required)

 Email Address (*private)

 Website (*optional)