Below are the highest yielding money market account rates serving citizens of the state of Pennsylvania.
If you are strictly after the best rate then you have a variety of options that will provide you with similar yields. The question you need to ask yourself is, “what type of minimum balance can I keep?” Most money market accounts provide a given interest rate based on a certain account balance. The more money you are able to keep in these accounts, the higher the interest rate you will generally receive.
If you browse through our archive of money market account rates, you will see MMA’s are yielding a lot less than they were this time last year. In fact, the national average for money market rates sits at roughly 1.20% APY currently – this number was well above 3.0% APY during the summer of 2008.
Below I have listed the top 2 banks and/or credit unions serving the state of Pennsylvania which are offering the best returns on their money market accounts. Keep in mind, you may receive higher rates from larger national banks whom serve the whole country rather than a specific region.
Top 2 money market rates in Pennsylvania:
(clicking on the institution will bring you to their home page)
- First National Bank of Mifflintown: Thompsontown, PA. “Value Money Market Account” yielding 1.51% APY with a minimum balance amount of $100. If you maintain a balance of at least $10,000 this yield becomes 2.07% APY. The national average for money market rates sits at roughly 1.20% APY (to put this offer in perspective). Also, this appears to be a promotional offer and like all money market accounts, the interest rate is variable and subject to change without notice. You must stop in to a local branch to apply for this account. First National Bank of Mifflintown has two other noteworthy products. One is a promotional 45 month CD (certificate of deposit) yielding 3.04% APY and the other is a promotional 9 month CD yielding an APY of 1.51%. They have branch locations throughout Pennsylvania as well as out of state branches in both Delaware and Louisville, KY.
- United American Savings Bank: Pittsburgh, PA. “Dream Builder Money Market” yielding up to 1.95% APY depending on balance amount. For balances up to $999 you will receive 0.75% APY, for balances between $1000 and $9,999 receive 1.0% APY and for balances above $10k earn 1.95% APY. If you are after a high interest rate, then be sure you can maintain a balance of above $10,000 or you will earn an interest rate below the national average. Currently, UASB only has one location in Pittsburgh, however the construction of new branches is underway, plus they are expanding their remote/online banking options.
Both of the banks listed above are member FDIC. If you live in Pennsylvania and know of a better money market account rate offered through your local bank or credit union, please share by leaving a comment.