Weekly Update on Bank Savings Account Rates for June 19, 2009

June 23, 2009 - PRLog -- Despite all the erosion in bank rates in the past weeks, bank savings rates managed to produce an increase in yield for the week ending June 19, 2009.  The average of the top bank savings rates increased two basis points or 2/100 of a percent, moving from 2.12% to 2.14% for the week.  

First Trade Union Bank is a new bank on the list and is the current rate leader for savings accounts.  First Trade Union Bank is promoting a savings account with an interest rate of 2.32% on balances of $2,500.00 or larger.  First Trade Union Bank provides banking services with 24 hour ATMs, telephone banking and internet banking for consumers and businesses.  From now until July, accounts opened for the high rate savings account must be opened by mail.  Internet account setup is scheduled to commence in the first week of July.  First Trade Union Bank is also a full service bank with offices in Massachusetts, Rhode Island and New York.  

Two basis pints lower than First Trade account rate is the savings account of Tennessee Commerce Bank with an interest rate of 2.30%.  The next best savings account rate drops five more basis points to 2.25%.  This rate is available at Doral Bank Direct as well as 1st Constitution Direct.  The Palladian Private Bank follows with a rate of 2.15% on their savings account.  The remaining five banks that make up the top ten bank savings rate, market interest rates ranging from 2.06% to 2.01%.

SelectCDrates.com is the leading industry tool for selecting the best CD rates, savings rates and money market account rates.  SelectCDrates.com provides bank rate data on banks locally and nationally to help consumers quickly find the best rates to fit their needs.  SelectCDrates.com achieves the goal of publishing the best rate information by searching for the highest bank rates with web crawlers, telephone surveys and local market research.  SelectCDrates.com staff provides current statistics on economics news that impacts the bank and credit markets as well as in depth articles on bank products and services.  To view all the bank CD rates and articles visit http://www.selectcdrates.com. Sister sites include http://www.bestcreditcardrates.com and http://findlocalmortgagerates.com.

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