America’s Best Rates list banks that offer high savings and money market rates day in and day out, rather than banks that do so as a short-term marketing promotion.
Foster City, CA (PRWEB) July 13, 2011
Today, MoneyRates.com releases the results of its quarterly rate survey identifying the top 10 banks posting the highest interest rates for savings and money market accounts in the second quarter of 2011. America’s Best Rates allows consumers to easily compare their bank’s interest rates with the rates of institutions consistently offering the highest yields for savings and money market accounts.
“The list of America’s best money market rates has shown great consistency, with nine of this quarter’s top 10 appearing for the third quarter in a row,” says Richard Barrington, personal finance expert for MoneyRates.com. “America’s Best Rates list banks that offer high savings and money market rates day in and day out, rather than banks that do so as a short-term marketing promotion.”
The top 10 banks offering consistently high savings accounts rates(by annual percentage yield, or APY) during the second quarter of 2011 were:
1. Discover Bank – 1.16 percent
2. American Express – 1.13 percent
3. Capital One Bank – 1.10 percent
4.(tie) Ally Bank – 1.01 percent
4.(tie) Zions Bank – 1.01 percent
6. ING Direct – 1.00 percent
7. Cashmere Valley Bank – 0.95 percent
8. One West Bank – 0.89 percent
9. Mile High Banks – 0.88 percent
10. Allstate Bank – 0.70 percent
The top 10 banks offering consistently high money market rates(by APY) during the second quarter of 2011 were:
1. Hudson City Bank – 1.15 percent
2. Discover Bank – 1.06 percent
3. (tie) Ally Bank – 1.01 percent
3. (tie) One West Bank – 1.01 percent
3. (tie) Zions Bank – 1.01 percent
6. AIG Bank – 1.00 percent
7. Mile High Banks – 0.95 percent
8. State Farm Bank – 0.78 percent
9. (tie) Capital One Bank – 0.75 percent
9. (tie) Think Mutual Bank – 0.75 percent
The highest savings account rate on America’s Best Rates has declined for the third quarter in a row, while the top money market rate has rebounded slightly after a drop in the first quarter of 2011. All rates offered on the America’s Best Rates list handily beat out the national average savings account rate of 0.25 percent and the national average money market account rate of 0.29 percent, as reported by the Federal Deposit Insurance Corporation.
For additional analysis, please read “Where to put your savings now: America's Best Rates” 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 certificates of deposit, money market accounts and high-yield savings accounts. 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 ethical marketing practices. For more information, please visit QuinStreet.com.