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MoneyRates.com Announces America's Best Rates Awards for 2021
Interest rates threatened by highest inflation rate in over 30 years FOSTER CITY, Calif., Sept. 22, 2021 /PRNewswire/ -- MoneyRates.com, a personal finance
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[{"type":"text","content":"Interest rates threatened by highest inflation rate in over 30 years\n\n\nFOSTER CITY, Calif., Sept. 22, 2021 /PRNewswire/ -- MoneyRates.com, a personal finance and rate comparison site, today announces the winners for its 2021 America's Best Rates study. The analysis shows that interest rates for savings accounts, money market accounts and certificate of deposits (CDs) are threatened by the highest inflation rate in more than 30 years.The survey, which awards the top 10 accounts in each category, reveals that inflation rose over the summer, and savings account rates have fallen to their lowest level in the survey's history. MoneyRates' analysts have been tracking and comparing rates on these accounts since 2012. Though the general outlook for deposit rates may be grim, consumers can take control by shopping for the best rates. Best Savings Account RatesRates peaked in early 2019 but have been falling ever since. The average rate is now just 0.104%, but consumers who shop carefully can find top savings account rates that are 0.50% or higher than average rates. The average online rate of 0.319% is more than nine times the average rate of 0.034% for traditional, branch-based accounts. Notably, every top rate is from an online account.\n\n \n \n \n \n \n \n\n \nFirst place: Axos Bank - 0.61% Second place: SFGI Direct - 0.51%Best Money Market RatesThe average online money market account (MMA) rate (0.235%) is five times the average traditional money market account rate (0.047%). MMAs were slightly higher than savings accounts two years ago but have fallen more quickly and are now lower, making them more vulnerable to inflation.\nFirst place (tie): 0.50% Ally Bank First Internet Bank Best 1-Year CD RatesThe average one-year CD rate is 0.183%. One-year CD rates are higher than the average savings and MMA rates and allow investors to lock in their interest rate rather than fluctuate like their counterparts. The average online one-year CD rate is 0.337% compared to just 0.134% for traditional accounts, showing consumers it pays to shop around for the top CD rates.\nFirst place: First Internet Bank - 0.60% Second place (tie): 0.55% Ally Bank iGOBanking Marcus by Goldman Sachs Sallie Mae Bank Synchrony Bank TIAA BankBest 5-Year CD RatesThe overall average five-year CD rate is 0.341%. While these require a longer commitment, consumers rece...