Savings accounts rates for the best bank rates available nationally increased by the slimmest of margins for the week ending May 29, 2009. The average of the best savings account rates inched up from 2.15% to 2.16%. Yields are far from frothy and have not received much attention from the media this year. However, with six month CD rates continuing their long decline, bank savings account rates eclipse the rates on short term CDs. The highest six month CD rate yields 2.20% while the highest bank savings account rate is yielding 2.30%.
Savings account rates with a bank are not fixed and can therefore change at the banks discretion. With the consensus outlook for higher interest rates in the future, flexibility and the lack of early withdrawal penalties that are a common attribute of bank CDs but not found on bank savings account makes the savings account a viable substitute investment vehicle.
The best bank savings rate is the product of Tennessee Commerce Bank with a yield of 2.30%. Five basis points or 5/100 of a percent lower are the savings accounts offered by Ally Bank, Acacia Federal Savings Bank and Doral Bank Direct that all have interest rates of 2.25%. From here the rates drop another 10 basis points with the savings account of The Palladian Private Bank that has an interest rate of 2.15%. Goldwater Bank remains in tenth position on the list with a bank savings account rate of 2.03%.
The interest rates between the highest savings rate and the lowest rates remain significant. With interest rates already low, the reach for additional yield by searching for the best savings accounts rates is worth any extra effort.
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.
