Foster City, Calif. (PRWEB) July 22, 2013
While mortgage rates and long-term Treasury yields climbed sharply in the second quarter, savings and money market account rates remained adrift near historic lows, according to the latest America’s Best Rates survey from MoneyRates.com.
While deposit rates rose slightly for some types of accounts in the second quarter, rates for other account types fell. But as in previous quarters, the survey revealed significant differences in rates among banks. Online banks again performed well as a category, posting average rates that bested the average rates at traditional banks by roughly four times across both savings and money market accounts.
Differences like these make it critical for consumers to compare bank rates before opening an account, says Richard Barrington, CFA, senior financial analyst for MoneyRates.com.
“The environment for bank rates seems to be getting more unpredictable,” says Barrington. “As rates start to rise, banks will react at different times, and to different degrees. That’s another reason for customers to keep an eye on the market. Those who chose banks on the leading edge of the trend toward higher rates may make more money.”
The average savings account rate rose in the second quarter to 0.192 percent, up from 0.166 percent in the first-quarter results. But the average money market account rate fell to 0.175 percent, down from 0.200 percent in the previous quarter. Still, the top banks in each category offered more than four times the interest of these average rates, underlining the advantages available to consumers who compare rates when shopping for a new account.
“Times are tight, and people can’t afford to leave money on the table,” says Barrington. “Shopping for higher savings or money market rates doesn’t take much time, but it can reward you every day of the year once you find the right bank.”
Here are the top 10 banks for savings account rates in the second-quarter 2013 edition of America’s Best Rates:
1. Barclays Bank – 0.958 percent
2. CIT Bank – 0.881 percent
3. (tie) American Express Bank – 0.850 percent
3. (tie) FNBO Direct – 0.850 percent
3. (tie) Mutual of Omaha Bank – 0.850 percent
3. (tie) Sallie Mae Bank – 0.850 percent
7. Ally Bank – 0.840 percent
8. (tie) Cole Taylor Bank – 0.800 percent
8. (tie) Discover Bank – 0.800 percent
8. (tie) GE Capital Retail Bank – 0.800 percent
Here are the top 10 banks for money market account rates in the second-quarter 2013 edition of America’s Best Rates:
1. Doral Bank – 0.950 percent
2. Sallie Mae Bank – 0.911 percent
3. Mutual of Omaha Bank – 0.850 percent
4. Ally Bank – 0.840 percent
5. GE Capital Retail Bank – 0.800 percent
6. Nationwide Bank – 0.760 percent
7. EverBank – 0.735 percent
8. Discover Bank – 0.700 percent
9. (tie) OneWest Bank – 0.500 percent
9. (tie) Zions Bank – 0.500 percent
For more details, please see America’s Best Rates 2013 Q2: Deposit rates drag their feet.
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 50 smaller 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 seeks to provide the highest rates on CDs, 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 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 QuinStreet.com.