Bank money market account rates continued the trend of lower bank rates for the week ending May 29, 2009. The average of the top ten best money market account rates moved from 2.12% down to 2.09% for the week. The highest money market rate as well as the lowest rate on the list however, remained unchanged. The best money market account rate is at Nexity Bank with an interest rate of 2.26%. One basis point or 1/100 of a percent lower is the money market account rate of One West Bank with an interest rate of 2.25%. Money market account rates make two large steps down from here. The first step lower is the third best money market account rate which is five basis points down with Flagstar Bank’s money market account that has a yield of 2.20%. The next step down is another five basis points lower with money market account rates of 2.15% at Nationwide Bank as well as Corus Bank.
With the vast majority of bank rates heading lower for the better part of this year, the difference between money market account rates, bank savings account rates as well short term CD rates are becoming very close. The distinction between savings account rates and money market account rates is also close with both bank accounts allowing easy access to all funds without penalty, unlike the bank CD. As the rate spread between these products has narrowed, shopping and comparing the best bank rates with the desired attributes to fit anyone investor’s needs is becoming a rewarding endeavor. Simply renewing a six month CD with a lower rate than a comparable money market account may not be a prudent decision. Reviewing all options and following the interest rate market is becoming more important as this year progresses and the economy starts to breathe.
SelectCDrates.com is the leading industry tool for selecting the best CD rates. SelectCDrates.com provides bank rate data on banks locally and nationally to help consumers quickly find the best rates to fit their needs. Selectcdrates.com publishes two bank certificate of deposit rate tables each week as well as weekly rate tables for bank money market accounts and bank savings accounts. The certificates of deposit tables are compiled weekly to find the highest yielding CDs, savings account rates and money market account rates available nationally and in the top 20 largest states. To view the results from Selectcdrates.com tables visit http://www.selectcdrates.com.
