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.

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