The average interest rate on a savings account

Written by anne boynton
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The average interest rate on a savings account
Savings accounts offer less than 1 per cent interest on average as of July 2010. (saving image by Lyle Doberstein from Fotolia.com)

The interest rate on savings accounts depends on various influences in the economy. Since the recession of 2008 hit the United States, the savings account interest rate has declined steadily.

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Average Interest Rate

The average interest rate as of July 24, 2010 for savings accounts was 0.80 per cent, according to Money-Rates.com. The rates that are provided by Money-Rates.com are based on savings deposits under £6,500. The average is calculated using data from over 200 banks.

Online Savings Accounts

According to BankVibe.com, some online savings accounts offer higher interest rates than standard savings accounts. Many have no minimum balance requirement or fees, and they can be easily accessed online. Discover Bank and American Express are examples of banks that have online savings accounts.

Business Cycle Behavior

Interest rates depend on policy and expectations regarding business, reports the Economic Web Institute. In cases where interest rates are used to monitor the regular business cycle, interest rates will decline during recessions. During periods of recovery and growth, rates will increase steadily. At the end of a growth period, rates will increase more as a measure to prevent possible inflation.

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