Report highlights best deals for interest
rates on the market
FOSTER
CITY, Calif., March 22,
2022 /PRNewswire/ -- As inflation continues to soar,
consumers should know where to secure the best interest rates for
their savings, money market, and certificate of deposit (CD)
accounts. To educate people on the best options
available, MoneyRates.com, a personal finance and rate
comparison site, releases a report outlining the best interest
rates in multiple banking product categories.
Find the full report: America's Best Rates Awards 2022
Best Savings Account
Rates
Rates for savings accounts have been steadily declining since
their peak in early 2019. The average rate is currently 0.06%—down
from 0.104% last year. However, consumers who shop around can find
banks with better options, such as those in our top savings
account rates category, ranging from 0.60% to 0.80%.
- First place: Workers Credit Union - 0.80%
- Second place (tie): 0.65%
-
- Bank Onward (BO)
- Connect One Bank
Best Money Market Rates
Money market accounts can be subject to rapid rate changes,
so people should regularly check to stay abreast of what
institutions offer. The national average is currently 0.08%, but
our research shows that eagle-eyed consumers can land better
deals.
- First place: Affinity Plus FCU - 1.00%
- Second place: Zynlo Bank - 0.80%
Best 1-Year CD Rates
Consumers can find the top one-year CD rates at banks and credit
unions. However, no matter where CDs come from, people can expect a
0.14% interest rate on average. This rate dips from last year's
0.183% average, so it's a good time for people to look around
for top CD rates.
- First place: Poppy Bank - 1.00%
- Second place (tie): 0.85%
-
- State Bank of Texas
- Pen Fed Credit Union
Best 5-Year CD Rates
When consumers keep their money in a CD account longer, they can
enjoy better rates—whether at a credit union or bank. MoneyRates'
research finds top rates for five-year CDs range from 1.25% to
1.30%—much better than the 0.18% national average.
- First place: Credit Human - 1.30%
- Second place: Lafayette FCU - 1.26%
"There's no doubt inflation is hitting people's wallets in
numerous ways, and interest rates are no exception," says
Kristin Marino, banking analyst and
managing editor for MoneyRates. "Finding the best interest rates
can help alleviate some pressure. Our analysis allows consumers to
confidently take control of their finances and weather the current
storm."
Marino is available for commentary on the methodology of this
study and advice on finding the best interest rates.
Methodology
This analysis is based on the MoneyRates Index, a consistent
sample of accounts reflecting a cross-section of the retail deposit
industry to provide a representative view of banking trends. The
MoneyRates Index is comprised of 50 of the largest retail deposit
institutions in the United States,
plus 25 smaller banks and 25 medium-sized banks.
The latest America's Best Rates survey of savings, money market,
and CD account rankings is based on publicly-posted rates as of
January 2022. Rates available to
customers with a $10,000 balance and
no broader relationship with the bank are used for this
survey.
About MoneyRates
MoneyRates is owned and operated by QuinStreet, Inc. (Nasdaq:
QNST), a leader in providing performance marketplace technologies
and services to the financial services and home services
industries. QuinStreet is a pioneer in delivering 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 QuinStreet's expert Research and
Publishing Division.
Since 1998, MoneyRates has served as a personal finance resource
designed to help readers make the most of their money. In addition
to a variety of financial calculators, MoneyRates researches and
tracks CD, savings, and money market rates offered from over 400
financial institutions across the country to offer expert advice on
banking, investing and retirement planning.
Twitter: @MoneyRates
Facebook: https://www.facebook.com/MoneyRatesdotcom
Media Contact
Charlene Arsenault
Public Relations Associate
+1 650-578-6845
carsenault@quinstreet.com
LinkedIn
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SOURCE MoneyRates.com