Top Savings Account Rates in June 2012
- EverBank is offering people a savings account interest rate of 1.01%. This is one of the best rates in the market at this time.
- As of June 1, 2012, American Express is offering a savings account interest rate of .85%. While this is below 1%, it is still considered a very good rate at this time. In addition there are no minimum balance requirements and no fees associated with this savings account.
- Ally Bank has a fairly high interest rate as well, offering a savings account interest rate of .84%. People interested in this savings account will be pleased to know there is no minimum deposit required in order to open an account with this bank.
- Ing Direct also offers a savings account that has a relatively high interest rate. Currently, their savings account interest rate is .80%.
When it comes to saving your money, the bank might be a safe place to store it. However, don’t expect your emergency fund to grow much in 2012 if it’s placed in a standard savings account. Rates have been on a downward trend since the recession began, and appear to be continuing that trend well into 2012.
Most people looking to put their money into a savings account will find the rates are below 1%. The decline has been slow and steady. Five years ago, rates were up to 4% or 5%. Now, you would be lucky to find an account with a 2% rate, most are just at 1% or below 1%.
While these rates are considered some of the best in the market at this time, they are still lower from where they were a year ago. For instance, Ing Direct was offering an interest rate of .899% in December 2011. Just six months later, the interest rate is down to .80%. It has been reported in the New York Times that this is beginning to frustrate consumers who do their banking with this institution.
The current market is filled with relatively low interest rates, so it is best if consumers shop around for the best bank for them. Ensure that on top of great customer service, security and loyalty, your bank also has a competitive interest rate in the current market. It may not seem great to only be earning .85% on your savings, but consider that many banks throughout the country are offering only .25%. Do plenty of research and figure out which route is the best for you when it comes to your hard-earned savings.