SelectCDrates.com released figures for the best bank money market rates for the week ending June 5, 2009. The survey of the best bank money market rates show that rates took a precipitous fall for the week ending June 6, 2009. The average of the top ten bank money market rates fell from 2.09% to 2.00%. Yields for the best bank savings rates, the top CD rates in all terms along with money market rates fell for the latest week of data. This week’s reduction in money market account rates is the sharpest weekly decline this year. The average of the top bank money market rates is now at their low point for all of 2009.
The highest money market rate for the week is a full 15 basis points or 15/100 of a percent lower than the previous week. The best money market rate is now at 2.11% and can be found at both, Corus Bank and Nexity Bank. iGoBanking offers the next best money market account rate at 2.02%. The third best money market rate stands right at 2.00% and is marketed by four banks nationwide, Flagstar Bank, Nationwide Bank, Amtrust Direct and Discover Bank. The lowest money market rate on the list is at 1.90% which is unchanged from the previous week and therefore reducing the spread between the highest and lowest bank rates available.
Treasury rate are usually a good barometer of coming changes in short term bank rates. Both the 6 month and one year Treasury rates have spiraled upwards in the past two weeks, but these rates are off their highs of the year seen in February and early March.
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 achieves the goal of publishing the best rate information by searching for the highest bank rates with web crawlers, telephone surveys and local market research. SelectCDrates.com staff provides current statistics on economics news that impacts the bank and credit markets as well as in depth articles on bank products and services. To view all the bank CD rates and articles visit http://www.selectcdrates.com.
