Best MMA (money market) rates for balances of $10k or more

April 27, 2010 3 Comments »

We got an email over the weekend from reader Stephan asking where to open a money market account in order to receive the highest yield for his balance (which he suspects will remain above the $10,000 mark). Rather then sending him a personal response we thought we’d help him in his research with today’s post.

First, for those of you whom may be in the same boat as Stephan, we would like to point out that you have many options besides a traditional money market account. We can assume that you are looking for a liquid, FDIC insured investment vehicle with more flexibility than a standard bank CD and while MMA’s are decent options, there are also other alternatives. rewards checking accounts have been exhaustively covered on over the last year due to the perseverance of their high interest rates (even while MMA and CD rates tanked relentlessly). With these accounts you can expect to yield returns of anywhere from 3 to 5 percent for balances of up to $25,000 to $50,000. Please review the specifications of those accounts before opening one as they come with monthly requirements to earn the high APY. You may also want to take a glance at our review of SmartyPig’s online savings account. It takes a unique approach to savings while providing a phenomenal APY to it’s customers.

So, that being said…

If you are still simply after a traditional MMA, the table below shows the top products which are available to customers nationwide. Please note that in most cases you will receive equal rates whether your balance is $100 or $10,000 so trying to maintain a high monthly balance may not be a prerequisite to earn a solid interest rate. Also, to put these rates in perspective the current national average for MMA rates sits at roughly 0.80% APY.

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  • Guy G.

    Hey vibe,
    Thanks for the info.
    I typically steer away from MMA’s and CD’s. I’m more of an aggressive long term young and ambitious investor. That being said, I recently heard of SmartyPig and am going to be looking into for my emergency fund. Hopefully they have one in Canada.

  • Sam

    Is the smart pig FDIC insured?

  • ko

    smartypig is FDIC insured through WestBank