The best savings and money market account rates are repeatedly found at the same banks. Using their quarterly rate survey, MoneyRates.com identifies which banks offered the highest rates in the first quarter of 2011. Consumers have a chance to see how their bank’s rates stack up against the competition and which banks consistently offer the most competitive rates.
Today, MoneyRates.com releases the results of its quarterly rate survey identifying the top 10 banks posting the highest interest rates for savings accounts and money market accounts in the first quarter of 2011. “America’s Best Rates” allows consumers to compare their bank’s interest rates with the rates of institutions that are regularly offering the highest yields for savings and money market accounts.
“Looking at which banks offer the best rates over an entire calendar quarter is a big step up from any daily snapshot of rates,” says Richard Barrington, personal finance expert for MoneyRates.com. “While shopping for the most competitive interest rate is good, consumers should be looking for a bank which consistently offers the highest rates.
The 10 banks offering the highest money market account interest rates in the first quarter of 2011 remain unchanged from the previous quarter. Eight of the 10 banks offering the best savings account rates have made the list for the second quarter in a row. These results demonstrate the consistency customers should be seeking in a bank. Since these types of accounts do not guarantee a rate for a specified amount of time, continued reliability is a very important factor for bank customers.
The top 10 banks offering consistently high savings account rates during the first quarter of 2011 were:
1. American Express Bank – 1.269 percent
2. Discover Bank – 1.224 percent
3. Capital One Bank – 1.221 percent
4. Zions Bank – 1.087 percent
5. Ally Bank – 1.070 percent
6. Cashmere Valley Bank – 1.066 percent
7. ING Direct – 1.063 percent
8. Mile High Banks – 0.913 percent
9. OneWest Bank – 0.883 percent
10. Acacia Federal Savings Bank – 0.832 percent
The top 10 banks offering consistently high money market account rates during the first quarter of 2011 were:
1. OneWest Bank – 1.100 percent
2. Discover Bank – 1.079 percent
3. Ally Bank – 1.070 percent
4. Mile High Banks – 0.974 percent
5. AIG Bank – 0.936 percent
6. Capital One Bank – 0.928 percent
7. Hudson City Bank – 0.908 percent
8. Zions Bank – 0.858 percent
9. State Farm Bank – 0.797 percent
10. First Savings Bank Northwest – 0.793 percent
More banks offered savings accounts with rates over one percent than banks offering money market accounts with rates in excess of one percent – a rate higher than the national average for both types of accounts. Ten of the banks listed offer these rates with minimum opening deposits between $0 to $100.
Methodology: MoneyRates.com looked at the money market accounts and savings accounts offered by a sample of 100 banks across the U.S. This sampling was constructed to be broadly representative of the general banking environment. It includes the 50 largest U.S. banks by deposit amount, plus another 50 banks of more average size, at around $1 billion in deposits each.
Founded in 1999, MoneyRates.com helps consumers find the best high-yield savings account rates, money market rates and checking account and CD rates. The Wall Street Journal, The New York Times, Barron’s, USA Today, SmartMoney and U.S. News and World Report regularly source MoneyRates.com for investor and consumer insights.
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