The Best Bank Savings Rates for June 12, 2009

PR Log (Press Release) – Jun 15, 2009 – Bank savings rates managed to squeeze out the smallest of gains for the week for the week ending June 12, 2009.  The average of the best bank savings rates climbed from 2.126% last to week to 2.13% this week.  Not much of change but in an environment where bank rates have been trending lower, this is a welcome figure.

The best bank savings account rate continues to be dominated by Tennessee Commerce Bank.  Tennessee Commerce has left their high yielding savings account untouched for the week with an interest rate of 2.30%.  The bank is also a leader in the two year CD rate and five year CD arte category.   Tennessee Commerce Bank offers the best two year CD rate with a yield of 2.87% and ties for the highest five year CD rate at 3.65%.

The second best savings rate is promoted by two banks, Acacia Federal Savings and Doral Bank Direct, each offering savings account rates at 2.25%.  These interest rates are also untouched from the previous week.  Filling out the top five banks is The Palladian Private Bank with a savings account rate of 2.15% and Heartland Bank Direct which has a savings rate set at 2.10%.  

This week's best savings account rates are starting to reach above the rates on bank money market accounts.  The difference in yield between the averages of the two different accounts is now 15 basis points and the difference between the highest interest bearing account in each category is 21 basis points.

With online banking, the distinction between a savings account and money market account becomes blurry.  Technically, the money market account will restrict the number of check transactions performed per month but not the dollar amount of the transaction and the savings account will not provide check writing but allows unlimited transactions.  Unless a prospective account holder has a very specific use for the account, these two savings vehicles perform similar tasks.  The lack of check writing on a savings account had been considered its major shortcoming but the ability to transfer funds to low cost or free checking accounts and then conduct paper transactions abates that inconvenience.

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.