Money Market Rates from SelectCDrates.com for June 26, 2009

June 30, 2009 - PRLog -- The month of June brings in the start of summer fun, but has only brought investors in bank money market accounts lower yields.  During the week that ended June 26, bank money market account rates slipped two basis points or 2/100 of a percent to end the week at 1.89%.  Fortunately, while the average for the best bank money market rates shifted lower, the highest money market rates were unchanged.

The highest bank money market rate remained unaffected by the markets for the week, holding steady at 2.00%.  The 2.00% money market interest rate can be found at three separate banks.  Nationwide Bank, AmTrust Direct and Corus Bank all offer money market account rates at 2.00%.  The next best money market rate is nine basis points lower at 1.91% and is available at AIG Bank as well as iGOBanking.  Flagstar Bank has remained steady all year with their promotional money market interest rate of 1.90%.  To round out the top ten banks with the highest money market account interest rates, two banks offer rates just above 1.80% and two banks promote interest rates just above 1.70%.

For the week, three banks reduced their interest rates and seven banks maintained the same rates they were offering the week prior.  Only one bank in the survey increased their interest rates to make it on the top ten bank money market rate list, AIG Bank.  Giant Bank and Intervest National Bank were added this week due to the reduction in rates paid by two of last weeks contenders.

As the short term national bank CD rates continue to deteriorate, the yield on money market rates become progressively more appealing.  The two caveats being that the money market account rates are variable and CD rates are fixed also while the national CD rates are most certainly insufferably low, a number of state bank CD rates and regional bank CD rates are well above the national rates.  

SelectCDrates.com is the leading industry tool for selecting the best CD rates, savings rates and money market account 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. Sister sites include http://www.bestcreditcardrates.com and http://findlocalmortgagerates.com.

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