We were just forwarded an exceptional savings account rate this memorial day weekend. Currently, Detroit Metropolitan Credit Union has a regular savings account with an unheard of APY of 1.51% with a minimum deposit of just $10.00 required. Considering the national average for money market account rates rests between 0.60% and 0.85% APY (depending on your deposit and balance amount) renders this deal from Detroit Metropolitan Credit Union as an extremely exceptional one.
Unfortunately for most of us this deal is off the table as you must live, work or attend school in Wayne, Oakland or Macomb counties. This credit union was originally established to service the banking needs of the employees of city of Detroit but in 2009 expanded it’s membership eligibility to include most residents of the city.
Early this year we covered the best CD rates offered by credit unions and made note of the way in which these institutions are made up. We noted that, in many instances, you will be able to lock in slightly better rates with your local credit union as they are not-for-profit banking institutions that are usually wholly owned by their members, and thus, pass along any profits back to the members in the form of higher savings rates and lower loan rates.
If you’re looking to snag one of the highest savings account rates you can also skim through our favorite online savings accounts of 2011. Like credit unions, online savings accounts can also provide slightly higher rates than traditional banks as well, however, this is mainly due to the fact that they lack most of the overhead costs and expenditures associated with running a brick and mortar banking institution.