The average of the best bank savings account rates available nationally was unchanged for the week ending October 9, 2009.  With bank rates down for the week for money market rates and most  bank CD rate maturities, it’s a refreshing pause to see that bank savings rates held their ground.

The average of the top ten bank savings rates held at 1.85% for the week.  The highest savings account rate is available through ShoreBank Direct.  ShoreBank offers a high yield savings account that earns an interest rate of 2.15%. 

ShoreBank Direct is a division of ShoreBank which is headquartered in Chicago; ShoreBank Corporation has subsidiary banks in Chicago, Detroit, Cleveland, Portland, Oregon, and Ilwaco, Washington.  Here is the marketing pitch that summarizes the ShoreBank high yields savings account: the bank account is opened and managed completely online with all transactions and statements viewed online, the savings account earns an interest rate of 2.13% with an Annual Percentage Yield of 2.15%, the savings account can funded from bank accounts at other banks, an account holder can link up to six accounts to their ShoreBank Direct savings account to electronically transfer funds between accounts and account holders can set up direct deposit into their ShoreBank Direct savings account as well.

The second best savings account rate is offered through 1st Constitution Direct which is the online bank division of 1st Constitution Bank.  The 1st Constitution Direct savings account rate is at 1.95% on balances of $10,000.00 or greater.  Two banks, American Express Bank and Discover Bank, follow with savings account rates at 1.85%.

The list of the top bank rates had only one change from the #1 spot down to the #10 spot for the week.  The top ten bank savings account rates started with the highest savings rate at 2.15% and the lowest savings account rate at 1.75%.  During the week, UFB Direct increased the interest rate on their bank savings account from 1.80% to 1.85%.  An increase in bank rates offered to investors is always a welcome change.

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