Best Savings Account Rates

Money market accounts are a type of savings accounts where the interests paid to account holders are significantly higher than that of other types of accounts.

However, higher minimum balances are required for money market account holders when compared to CD accounts, checking accounts etc. The increased competition among US banks has reduced the minimum balance limits across banks.

Money Market Savings Rates of US Banks

High interest rate of 1.26% APY is granted for money market accounts (or high yielding savings accounts). However this high rate applies only the monthly balance is maintained at 10,000$. Interest rate decreases from 1.26% APY for decreasing monthly balance.

There are no monthly charges or initial deposit. Generally stock market rist is averted for these savings accounts. Transfer limits for internet banking are on the higher side when compared to several other banks.

High yield savings account from American Express FSB can have an interest rate as high as 1.50% APY. Deposits and withdrawals can be done either using checks or electronic fund transfers. 250,000$ is the maximum amount that can be transferred in a single transaction. All the money market accounts in American Express FSB are FDIC insured.

Ally bank accounts can enjoy rates upto 1.39% APY. No opening balance is required. There is no restriction on monthly balance. There are no transaction fees associated with checks and ATMs. Interests are compounded daily as against many other banks who compound interest rates monthly. However there is a limit of only six transactions per statement cycle.

FNBO direct promises a great earning with its online savings accounts. The interest rate is as high as 1.40% APY. The process of opening an account is completely automated with simple four step process. Opening balance of just one dollar is sufficient to open an online savings account with FNBO direct.

Everbank accounts can enjoy very high rates of upto 1.51% APY. Bonus rate of 2.25% applies for the first three months of starting an account. There is a restriction on minimum balance that needs to be maintained. This is very low as 1500$. If minimum balance is maintained there is no monthly maintenance fee. Else there could be a monthly maintenance fees of nearly 8$.

Metlife money market accounts get an interest rate of 1.05% APY. However the rate is variable and decreases with decreasing monthly balance. Only 50$ is needed to open a metlife high yield savings account.