It is very important to be aware that bank rates vary depending on the country you live in, therefore there are huge differences between countries and continents. The central bank of each country has the power of setting the reference interest rate.
Smaller banks usually offer higer interests than international ones, even online, but after 2008 interest rates fell, and that caused banks in OECD countries in 2009 to have interest rates between 0% and 1%, far away from 6% in 2007. Banks settled in non-OECD countries, such as Brazil, India or China, -which are steadily growing- offer the highest rates.
Brazil's banks have very good interest rates, Banco Central do Brasil sets its rate in 8.50%, and banks from this nation: Itau, Bradesco, Santander (foreign banks also follow the general rate), Caixa Economica Federal or HSBC for example have interesting rates; Egypt has almost the same rate as Brazil, 8.25%, and banks from the country: Bank of Alexandria, Banque Misr, Banque du Caire, etc., offer great money opportunities.
India is has an extraordinary nation to put money in banks, since the Reserve Bank of India liberalized the NRE interest rates, meaning that banks can decide what rate they want to set. People can have 10% of interest rate for their money in one or two years if they choose: Karur Vysya Bank, City Union Bank, Tamil Nadu or Mencantile Bank.
Shocking is the case of Belarus, where the National Bank of the Republic of Belarus sets interest rates around 25%, a fact that has been discussed by economists in the country.
At this point we could compare two of the most important and influential countries in the world, U.S.A and China. U.S.A. interest rate decisions are taken by two institutions: the Federal Reserve Board and the Federal Open Market Comitee. Currently interest rates in the United States are very low (around 1%), but there are several banks that allows people who choose them to receive interesting rates: Ally Bank, American Bank, BankDirect, MetLife Bank, First Trade Union Bank, Corus Bank or iGObanking.com.
China has better interest rates than U.S.A., and the reference rates is set by People's Bank of China -the institution whith more financial assets and resources-, which has determined that the base rate has to be 6.31%. People's Bank of China has automomy, therefore it can set interest rates for commercial banks: Agricultural Bank of China, Bank of America (Asia) Ltd., Union Bank of Hong Kong Limited, etc.
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