The downward pressure on bank yields continued for the week ending June 26, 2009 pushing down the rates on bank savings accounts even further. Bank savings account rates dropped on average, two basis points or 2/100 of a percent for the week to rest at 2.12%. The modest move in the average of the top bank rates left the highest savings rates in tact week over week.
The best bank savings account rate continues to hold at 2.32%. The highest savings account rate is available at First Trade Union Bank in Massachusetts which has just recently revamped their website for easy access to account information and online account applications. Only three banks continue to pay an interest rate in excess of 2.20%. Other than the rate of First Trade Union, Tennessee Commerce Bank continues to promote a savings account at 2.30% while 1st Constitution Direct has a savings account that yields 2.25%.
All of the top ten bank savings account rates are paying at least 2.00% on their accounts. The fourth best savings account rate comes from The Palladian Private Bank at 2.15%. From here the interest rates available fall a considerable sum. Bank of Internet has a savings account that yields 2.06%. Only one basis point behind that figure is a savings account of ShoreBank Direct that is offered at 2.05%. The remaining four banks have rates between 2.01% to 2.03%.
For short term savings needs, bank savings account rates continue to beat the near equivalent bank money market account rates. In addition, these rates are above the best national bank CD rates since the short term CD rates have fallen precipitously over the past several weeks. Short term CD rates can be found above the best bank savings rates among the state and regional bank CD rates for those investors searching higher short term yields with a fixed interest rate.
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
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