America’s Best Rates 1Q 2015 – Updated June 24, 2015
America’s Best Rates 1Q 2015: Updated June 24, 2015
For savers, historically low interest rates have made shopping around for the best yields on deposit accounts seem not worth the time or effort. That would be wrong.
Our research shows there is a widening gulf between top rates and average rates on high-yield savings accounts and money market accounts as some banks move ahead of expectations of a Federal Reserve rate hike and others hang back, waiting and watching.
Taken together, this means a little research can pay big dividends.
Step one is making sure you have access to the latest rate information. We’ve pulled out the very best deals from our popular America’s Best Rates survey, done quarterly, but added newer and more updated information wherever available.
The upshot: Rates are changing rapidly, so check back frequently for the latest.
Top savings account rates
Here are the leading banks for savings account rates, shown in two ways:
- The annual percentage yield (APY) average from the first quarter of 2015
- The most recent APY available
Conditions generally seem to be getting more competitive among the leading banks, as several of the banks above raised their savings account rates in the first quarter of 2015, but overall, the average savings account rate in the Q1 survey slipped for the second consecutive quarter, this time falling by one-tenth of a basis point to 0.171 %.
Top money market account rates
Here are the leading banks for savings account rates, shown in two ways:
- The annual percentage yield (APY) average from the first quarter of 2015
- The most recent APY available
Money market accounts behaved differently in Q1 2015 than savings, with most of the accounts on the money market list staying unchanged.
Online advantage?
When it comes to online-only accounts vs. traditional, branch-based accounts, our survey shows online wins. The average online-based savings account offered a rate of 0.581%, compared to 0.075% for traditional accounts. Among money market accounts, online choices averaged 0.553%, compared to 0.104% for traditional accounts. There are exceptions. Consumers may also notice measurable differences in returns offered based on bank size.
Next Steps
Once you find a great rate, keep your savings safe by making sure any bank you choose is insured by the FDIC, short for the Federal Deposit Insurance Corporation. This federal agency insures accounts like checking, savings, money market, and certificates of deposit up to $250,000 across all of its 6,398 U.S. institutions. Collectively, they cover $12 trillion — with a “t” — in deposits.
Tell us: Where have you found the best rates? What’s your savings plan?
