These top-performing accounts show that even in a low-rate environment, consumers do have alternatives. The key is to find a bank that consistently offers competitive rates.
Foster City, CA (PRWEB) October 17, 2011
MoneyRates.com releases the results of its latest America’s Best Rates quarterly rate survey, which identifies the banks posting the highest interest rates for savings and money market accounts in the third quarter of 2011. Even as national average interest rates fell for both account types during the quarter, the average rates offered by accounts among America’s Best Rates held steady.
All bank accounts ranked in America’s Best Rates offered annual percentage yields (APYs) which are multiple times higher than the national average rates reported by the Federal Deposit Insurance Corporation (FDIC). The FDIC national average savings account rate at the close of the third quarter was 0.12 percent, while the average rate of the America’s Best Rates top 10 savings accounts was 0.98 percent. Similarly, money market accounts featured in America’s Best Rates offered an average rate of 0.97 percent, nearly six times the FDIC-reported average of 0.17 percent at the end of the quarter.
“These top-performing accounts show that even in a low-rate environment, consumers do have alternatives,” says Richard Barrington, CFA, the personal finance expert from MoneyRates.com. “The key is to find a bank that consistently offers competitive rates.”
America’s Best Rates allows bank customers to easily compare the interest rates on their savings and money market accounts against the rates of institutions consistently offering the highest yields. Rather than looking at a one-time snapshot of rates, MoneyRates.com averages the rates offered by banks throughout the previous quarter.
The top 10 banks offering consistently high savings accounts rates (by APY) during the third quarter of 2011 were:
1. Discover Bank – 1.12 percent
2. Sallie Mae Bank – 1.08 percent
3. Capital One Bank – 1.05 percent
4. Ally Bank – 1.02 percent
5. (tie) American Express Bank – 1.00 percent
5. (tie) ING Direct – 1.00 percent
7. Cashmere Valley Bank – 0.95 percent
8. Zions Bank – 0.93 percent
9. EverBank – 0.90 percent
10. OneWest Bank – 0.76 percent
The top 10 banks offering consistently high money market rates (by APY) during the third quarter of 2011 were:
1. Sallie Mae Bank – 1.14 percent
2. Nationwide Bank – 1.03 percent
3. Discover Bank – 1.02 percent
4. Ally Bank – 1.02 percent
5. Hudson City Bank – 0.96 percent
6. AIG Bank – 0.93 percent
7. Zions Bank – 0.93 percent
8. (tie) EverBank – 0.90 percent
8. (tie) Mile High Banks – 0.90 percent
10. OneWest Bank – 0.87 percent
For additional analysis, please read “America’s Best Rates: How to buck the low rate trend” on MoneyRates.com.
America’s Best Rates are calculated from savings account rates and money market account rates recorded in the MoneyRates Index throughout the previous quarter. The MoneyRates Index is a composite of over 100 banks, including the 50 largest U.S. banks by deposit amount, plus another 50 mid-sized banks. This sampling was constructed to be broadly representative of the general banking environment.
MoneyRates.com has been a leading source of information on bank rates, personal finance, savings accounts and investing since 1999. The site provides the highest rates on money market accounts and high-yield savings accounts as well as CD rates. The Web Marketing Association awarded a Financial Services Standard of Excellence to MoneyRates.com in the 2011 WebAwards competition.
MoneyRates.com is owned and operated by QuinStreet, Inc. (NASDAQ: QNST), one of the largest Internet marketing and media companies in the world. QuinStreet is committed to providing consumers and businesses with the information they need to research, find and select the products, services and brands that best meet their needs. The company is a leader in visitor-friendly marketing practices. For more information, please visit QuinStreet.com.