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It’s been an extremely peaceful month in the world of cost savings accounts. In reality, no cost savings accounts tracked by MyBankTracker experienced any rate changes. So it’s not a surprise that the nationwide savings rate typical worked from 0.29 %. For two straight months, the nationwide average has actually remained stagnant, which might be thought about good news for savers who have viewed rates fall slowly. We began 2013 with a national average of 0.33 % APY.
In the past month, we began tracking the online cost savings rate provided by GE Capital Bank (not to be confused with GE Capital Retail Bank). Although the online bank provides an above-average rate of 0.90 % APY, it was not enough to trigger a modification in the national average.
The important across the country cost savings rate continues to be at 0.95 % APY, provided by Bank X. Barclays and GE Capital Bank are tied for the second-highest rate of 0.90 % APY.
In addition to little motion in savings rates, the joblessness rate has actually also stayed put at 7.6 percent for two successive months. We are still a long way off from the target 6.5 percent unemployment rate, which will inform the Federal Reserve that it’s time to rise rate of interest.
The most recent board meeting by the main bank yielded no modifications in financial policy. Nevertheless, there’s increasing speculation that the Fed is getting ready to scale back its bond-buying program. If this holds true, there will be less downward pressure on rate of interest in general.
The table below programs the changes in savings rates at benchmark financial institutions from June 15, 2013 to July 15, 2013. By keeping track of the cost savings rate at some of the largest banks, we get a concept of where rates at various other banks and financial establishments 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%|
If you are interest in comparing the leading cost savings rates available to you, refer to the table below: