Bank money market account rates moved down modestly for the week ending June 12, 2013. On average, Top 10 best money market account rates available nationally dropped from 2.00% to 1.98% for the week. Unfortunately a large force, driving down the average even for relatively thin amount was a drop in the best money market shares.
Bank money market rates comes from Corus Bank, which also was the leader last week, with an interest rate of 2.09%. Corus Bank led last week with money market rates of 2.11%. Money market rates for the second and third best crossed for a week. Nexity Bank has cut their money market rates up to 2.11% from 2.01%, which lowered the bank rate in third place. iGOBanking has continued to support their money market rates at 2.02%, which raised their savings product in second position. The three banks have money-market yields 2.00%; Nationwide Bank, AmTrust direct and Discover Bank. Low Bank on the top ten list is ally bank money market account rate with 1.85 percent, five basis points or 5/100 below the last week of the course.
With short-term CD rates declined faster than money market rates declining spread between six month CD rates and money market rates of the Bank. Best CD rates an average of six months, ending the week at 2.03% was only five basis points spread between the six month CD rates and money market rates. The proximity of these two rates makes the ability to borrow in the money market account, prior to the projected growth in Bank CD rates are finally surfaces, a viable option.
There are two problems with this strategy. First money market rates are not fixed and can be reduced at any time the financial institution where the monies are held. Of course, hardly a significant drop. More importantly score average is just a starting point to find the best rates. The difference between the average money market rate and the best rate is just 11 basis points, while the difference between the average six-month CD rate of 2.03 percent and the top six month CD rate is 2.52% 49 basis points. The mean values, as well as at the national level, the best rates are only a starting point to find the best bank rates.
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