Consumers looking to maximize savings should focus on banks with a track record of consistently offering higher-than-average savings rates. The America’s Best Rates report from MoneyRates.com provides consumers with an easy way to do that.
Foster City, CA (PRWEB) February 2, 2011
In an environment where savings account rates are very low, every little bit counts for savers. MoneyRates.com helps consumers identify banks which consistently offer better-than-average rates and provide the most savings bang for their buck. A new quarterly release from MoneyRates.com, America’s Best Rates, tracks and reports which banks regularly offer the highest rates for savings and money market accounts.
“While many banks offer attractive teaser rates for new customers, short-lived introductory offers usually aren’t going to earn those customers the best savings rates over time,” explained MoneyRates.com personal finance expert Richard Barrington.
“Consumers looking for the best deals on savings or money market accounts should focus on banks with a track record of consistently offering higher-than-average savings rates. The America’s Best Rates report from MoneyRates.com provides consumers with an easy way to do that.”
The top 10 banks offering consistently high savings account rates during the fourth quarter of 2010 were:
1. Capital One Bank - 1.31%
2. Discover Bank – 1.28%
3. Ally Bank – 1.16%
4. USAA Bank – 1.12%
5. Zions Bank – 1.11%
6. Cashmere Valley Bank – 1.10%
7. ING Direct – 1.10%
8. Acacia Federal Savings Bank – 0.98%
9. Mile High Banks – 0.92%
10. First National Community Bank – 0.88%
The top 10 banks offering consistently high money market rates during the fourth quarter of 2010 were:
1. Ally Bank - 1.16%
2. OneWest Bank – 1.14%
3. Discover Bank – 1.12%
4. Capital One Bank – 1.03%
5. Mile High Banks – 0.99%
6. AIG Bank - 0.97%
7. Hudson City Bank - 0.92%
8. First Savings Bank Northwest - 0.90%
9. Zions Bank – 0.90%
10. State Farm Bank - 0.89%
Methodology: MoneyRates.com looked at the money market accounts and savings accounts offered by a sample of 100 banks across the U.S. This sampling was constructed to be broadly representative of the general banking environment. It includes the 50 largest U.S. banks by deposit amount, plus another 50 banks of more average size, at around $1 billion in deposits each. Banks which tied are listed in alphabetical order.
Founded in 1999, MoneyRates.com helps consumers find the best rates on high interest savings accounts, high yield money market accounts, savings accounts, checking accounts and CDs. The Wall Street Journal, The New York Times, Barron's, USA Today, SmartMoney and U.S. News and World Report regularly source MoneyRates.com for investor and consumer insights.
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