New Survey Finds Top Savings Account Rates Quadruple National Averages

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The highest interest rates for money market and savings accounts in’s second-quarter America’s Best Rates survey were about four times higher than the average, in spite of an overall rate drop from the first quarter.

In dollar terms, you can get four times more interest by shopping around. That should make it well worth the effort.

America’s Best Rates is a quarterly rate survey by personal finance website The second quarter 2012 results show that the highest consumer savings and money market account rates offered roughly four times the average interest rates in each category. These high-yielding accounts offered around 85 times the interest of the accounts offering the lowest rates.

The survey, which measures interest rates throughout the year to gauge which banks consistently offer the best rates to consumers, found that both average rates and leading rates dropped since the first-quarter 2012 America’s Best Rates survey.

“Consumers shouldn’t be lulled by the fact that interest rates all seem like low numbers today,” says Richard Barrington, CFA, senior financial analyst for “In dollar terms, you can get four times more interest by shopping around. That should make it well worth the effort.” The average savings account rate in the survey dropped to 0.19 percent in the second quarter, down from 0.20 percent in the first quarter. The average money market account rate fell to 0.22 percent, down from last quarter’s 0.24 percent.

The top yields surveyed also dropped for both savings and money market accounts. The highest rate in each category was 0.85 percent in the second quarter, down from last quarter’s highs of 0.91 percent (money market) and 0.89 percent (savings).

There were also sharp differences between the yields at traditional and online banks. Online banks offered an average savings account rate of 0.58 percent in the survey, well above the traditional bank average rate of 0.14 percent. Similarly, online banks posted an average money market rate of 0.62 percent, besting the traditional bank average rate of 0.18 percent.

“Online banks should have a cost advantage because they don’t have to maintain a traditional branch structure,” says Barrington. “The numbers suggest online banks are sharing some of this advantage with their customers by offering higher interest rates.”

The highest-paying banks for savings account rates(by APY) for the second quarter of 2012 in’s America’s Best Rates survey include:

1. MetLife Bank – 0.85 percent APY
2. Ally Bank – 0.84 percent
3. ING Direct – 0.80 percent
4. Discover Bank – 0.79 percent
5. American Express Bank – 0.78 percent
6. EverBank – 0.76 percent
7. (tie) Mile High Bank – 0.75 percent
7. (tie) Sallie Mae Bank – 0.75 percent
9. Capital One Bank – 0.60 percent
10. Zions Bank – 0.58 percent

The highest-paying banks for money market account rates for the second quarter of 2012 in’s America’s Best Rates survey:

1. (tie) MetLife Bank – 0.85 percent APY
1. (tie) Sallie Mae Bank – 0.85 percent
3. Ally Bank – 0.84 percent
4. Nationwide Bank – 0.80 percent
5. EverBank – 0.76 percent
6. Discover Bank – 0.71 percent
7. AIG – 0.69 percent
8. Zions Bank – 0.58 percent
9. North American Savings Bank – 0.51 percent
10. (tie) First Mariner Bank – 0.50 percent
10. (tie) OneWest Bank – 0.50 percent
10. (tie) State Farm Bank – 0.50 percent

For the full analysis, please see America’s Best Rates 2012 Q2: The fight against low rates.


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 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.

About 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 CDs, money market accounts and high-yield savings accounts. The Web Marketing Association awarded a Financial Services Standard of Excellence to in the 2011 WebAwards competition. 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 find, research 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

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