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HOST CITY, California, September 22, 2021 / PRNewswire / – MoneyRates.com, a personal finance and rate comparison site, today announces the winners of its 2021 America’s Best Rates study. The analysis shows that the interest rates of savings accounts, money market accounts and certificates of deposit (CDs) are threatened by the highest rate of inflation in more than 30 years.
The survey, which rewards the top 10 accounts in each category, finds that inflation rose over the summer and savings account rates fell to their lowest level in US history. investigation. MoneyRates analysts have been tracking and comparing rates on these accounts since 2012. While the overall outlook for deposit rates may be bleak, consumers can take control by looking for the best rates.
Best savings account rates
Rates peaked in early 2019, but have been falling steadily since. The average rate is now only 0.104%, but consumers who shop carefully can find the best savings account rates that are 0.50% or more than average rates. The average online rate of 0.319% is more than nine times higher than the average rate of 0.034% for traditional branch accounts. Notably, each higher rate comes from an online account.
- First place: Axos Bank – 0.61%
- Second place: SFGI Direct – 0.51%
Best money market rates
The average rate for online money market accounts (MMA) (0.235%) is five times the average rate of traditional money market accounts (0.047%). MMAs were slightly higher than savings accounts two years ago, but have fallen faster and are now lower, making them more vulnerable to inflation.
- First place (tie): 0.50%
- Allied bank
- First Internet bank
Best CD rates over 1 year
The average one-year CD rate is 0.183%. One-year CD rates are higher than average savings rates and MMA rates and allow investors to lock in their interest rate rather than fluctuate like their counterparts. The average one-year online CD rate is 0.337%, compared to just 0.134% for traditional accounts, showing consumers that it pays to look for the best CD rates.
- First place: First Internet bank – 0.60%
- Second place (tie): 0.55%
- Allied bank
- Marcus by Goldman Sachs
- Sallie Mae Bank
- Synchronization bank
- TIAA Bank
Best 5-year CD rates
The overall five-year average CD rate is 0.341%. Although these require a longer engagement, consumers enjoy a pricing advantage over other accounts examined in the survey. Online accounts offer the best rates with an average of 0.504%, compared to an average of 0.290% for a branch account.
- First place: First Internet bank – 0.95%
- Second place: Columbia Bank – 0.90%
“What the survey shows is that consumers’ hard-earned savings could lose ground in the face of inflation,” says Kristin marin, banking analyst and editor of MoneyRates. “However, Americans can fight back by seeking better rates. We hope this year’s analysis can be a starting point for consumers looking to take control of their investments and their financial future.”
To provide a representative view of banking trends, this analysis is based on the MoneyRates Index, a cohesive sample of accounts reflecting a representative sample of the retail deposit industry. The MoneyRates Index is made up of 50 of the largest retail depositories in United States, plus 25 small banks and 25 medium-sized banks.
America’s Best Rates Survey of Savings Account, Money Market, and CD Account Rankings is based on rates released mid-third quarter 2021. Rates available to customers with a $ 10,000 balance and no broader relationship with the bank are used for this survey.
MoneyRates is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a leader in providing performance market technologies and services to the financial and home service industries. QuinStreet is a pioneer in providing online marketplace solutions to match searchers with brands in digital media. The company is committed to providing consumers with the information and tools they need to research, find and select the products and brands that meet their needs. MoneyRates is a member of the expert research and publishing division of QuinStreet.
Since 1998, MoneyRates has served as a personal financial resource designed to help readers get the most from their money. In addition to a variety of financial calculators, MoneyRates researches and tracks CD, savings and money market rates offered by more than 400 financial institutions across the country to provide expert advice on banking, investments and retirement planning.
Senior Manager, Public Relations
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