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Savings Rate Index – November 2012

Banking, Savings Accounts
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November has arrived and Thanksgiving is just around the corner. Unfortunately, however, many consumers don’t have much to be thankful for when it comes to their savings account rates. The national average is standing at approximately 0.15% APY, which will only earn you $15 on a deposit of $10,000 over 1 year.

National Average: 0.15% APY

  • Banks: 0.11% APY
  • Credit Unions: 0.18% APY
  • Internet Banks: 0.46% APY

Big Banks

The biggest national banks are all offering yields of 0.05% or less on a basic savings account. Those who have any intention of earning interest on their deposits should instead consider a credit union, community bank or online savings account. As an alternative, savers who can part with their money for long periods at a time might find CDs to be a better option.

Online Banks

Savings accounts at online banks have higher yields than many short-term CDs, making them a viable option for anyone who wants to earn a respectable rate without forfeiting too much liquidity.

Credit Unions

November 5 marks the anniversary of 2011’s Bank Transfer Day. Thousands of new members have joined a credit union since last year and have likely found out just what credit union savings accounts have to offer. Below are some of the top performers this month (remember that credit unions have eligibility restrictions, so make sure you meet the requirements to join):

Savings image via shutterstock