Best MMA (money market account) rates in Texas

August 24, 2009 2 Comments »

Below are the highest yielding money market account rates serving citizens of the state of Texas.

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 Texas 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. Compare money market accounts nationwide to find the optimal account for you.

Top 2 money market rates in Texas:

(clicking on the institution will bring you to their home page)

  • United Central Bank: Plano, TX. “Global money market account” yielding up to 3.0% APY depending on your balance amount. The breakdown is as follows, $5,000 – $74,999 yields 1.95% APY, $75,000 – $299,999 yields 2.15% APY, $300,000 – $499,999 yields 2.25%, $500k – $999k yields 2.40% APY and anything over $1 million yields 3.0% APY. A minimum balance of $5,000 is required to open this account and it come with a $10 monthly fee which will, needless to say, cut into your interest rate earnings. The average interest rate for money market accounts throughout the country is around 1.20% APY. United Central Bank in Texas began serving the Dallas community in 1987 and now serves many states throughout the country.
  • Citizens State Bank: Whitney, TX. “Super money market account” yielding 2.02% APY with a minimum balance of $10,000. If your balance falls below $10k then this account becomes merely a “regular money market account” with a lower yield (not posted on website). They use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.  Interest begins to accrue on the business day you deposit non-cash items, such as checks. Interest will be compounded and credited to your account every month. Transfers from a Super Money Market Investors’ Account to another account or to third parties by pre-authorized or automatic transfer are limited to six (6) per monthly statement cycle with no more than three (3) by check, draft, or similar order to third parties. A debit fee of $10 will be charged for each debit in excess of six (6) during a month. Like all MMA’s this comes with a variable interest rate which is subject to change without notice.

Both of the above institutions are federally insured by the FDIC. If you live in Texas and know of a better money market rate offered through your local bank or credit union, please share by leaving a comment.

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  • Doug W.

    I have found the best rate without jumping through hoops to be with People’s Trust Federal Credit Union. If you live/work within City of Houston or give a $5 donation to their foundation, you can become a member.

    They have a Legacy Checking account ($10,000+ min.) and if you choose the “interest rate option” you will earn 2.02%APY on your balance with no maximum.

    Plus they have a 5-5-5 term account which is 5.00% APY for a 5 month CD up to $5,000. Limit one time per member.

    Overall from research its by far the best deal and easy to join.

  • BankVibe

    Thanks Doug! I will feature this account in an upcoming post and give you credit. Nice find!