With Congress and the Federal Reserve pumping large amounts of cash into the financial system through the stimulus package, by setting the target Federal funds rate at 0, and with a newly announced plan to inject capital into the market to lower mortgage rates, there’s not much of a demand for the money that personal investors have. This is causing interest rates on money markets, savings accounts, and certificate of deposit rates to fall through the floor. This means that it’s especially important to get a great rate on your savings right now.
Here are the best rates being offered in today’s market:
Smarty Pig – 3.25%. Smarty Pig has a goal savings account that is offering one of the best interest rates in the market right now. Customers will earn 3.25% APY on their money using one of these accounts. This account is a bit unique in that it allows you to establish savings goals rather than opening generic savings accounts.
Shore Bank – 2.80% APY. Shore Bank is offering a 2.80% APY money market account. It requires $1.00 to open the account. Their online savings account has no monthly fees, provides online banking access, and your money is FDIC insured.
GMAC Bank – 2.50%. GMAC is General Motor’s financial arm. They have a money market account currently sitting at 2.50% APY. They also have certificate of deposit rates that are up to 2.85% if you are interested in locking in the money that you have. There is a minimum balance to avoid a monthly account fee and some other fees to be aware of when using services such as Wire transfers, so watch out for those.
Flagstar Bank – 2.40%. Flagstar is offering a 2.40% APY money market account. The account has no minimum balance, offers free checks for life, and provides a VISA debit card. Remember that since it’s a money market account, it does not have FDIC insurance, but money market accounts are considered very safe.
AIG Bank – 2.31%. AIG Bank (not the same AIG that’s being bailed out by the government) is offering an online savings account that ranges between 2.11% and 2.51% for balances over $250,000. To get the 2.31% rate, you need to have at least $250,000 in your account.
FNBO Direct – 2.15%. FNBO Direct is offering a 2.15% APY online savings account. FNBO Direct only requires a $1.00 deposit to open an account with them. FNBO direct provides their online savings accounts with an ATM card, however it’s not a VISA debit card. There are also fees for wire transfers, withdrawing money from foreign ATMs.
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