(Please check out our latest savings rates report.)
It’s been a very quiet month in the world of savings accounts. In fact, no savings accounts tracked by MyBankTracker experienced any rate changes. So it’s no surprise that the national savings rate average stayed at 0.29%. For two straight months, the national average has remained stagnant, which may be considered good news for savers who’ve watched rates fall slowly. We started 2013 with a national average of 0.33% APY.
In the past month, we started tracking the online savings rate offered by GE Capital Bank (not to be confused with GE Capital Retail Bank). Although the online bank offers an above-average rate of 0.90% APY, it wasn’t enough to cause a change in the national average.
The best nationwide savings rate remains at 0.95% APY, offered by Bank X. Barclays and GE Capital Bank are tied for the second-highest rate of 0.90% APY.
In addition to little movement in savings rates, the unemployment rate has also stayed put at 7.6 percent for two consecutive months. We’re still a long way off from the target 6.5 percent unemployment rate, which will tell the Federal Reserve that it is time to rise interest rates.
The most recent board meeting by the central bank yielded no changes in monetary policy. However, there is increasing speculation that the Fed is getting ready to scale back its bond-buying program. If this is the case, there will be less downward pressure on interest rates in general.
The table below shows the changes in savings rates at benchmark financial institutions from June 15, 2013 to July 15, 2013. By monitoring the savings rate at some of the largest banks, we get an idea of where rates at other banks and financial institutions are headed.
|Bank||Savings account||APY (as of 6/15/13)||APY (as of 7/15/13)||APY Change|
|Bank of America||Regular Savings||0.01||0.01%||0%|
|Ally Bank||High Yield Savings||0.84%||0.84%||0%|
|Capital One 360||360 Savings||0.75%||0.75%||0%|
|American Express||Personal Savings||0.85%||0.85%||0%|