BankVibe reader asks, “Who offers the highest yielding money market account in the state of Florida?”
If you are strictly after the best money market rate then you have a variety of options that will provide you with almost identical 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 this account, 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 Florida 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 Money Market Accounts in Florida:
Ameris Bank: Jacksonville, FL. Personal money market account with a tiered interest schedule, you’ll earn higher rates for higher account balances. Maintain a minimum daily balance of $1,000 or an average daily balance of $3,000, and they will waive the $10 monthly maintenance fee. A fee of $5 will be imposed for each transaction in excess of the limit (transfers to third parties or to another account at the same bank by pre-authorized or automatic withdrawals or telephonic agreements [to include data transmissions] or by check, draft, debit card, or similar order and payable to third parties are limited to 6 per statement cycle. Earn 2.0% APY on the highest tier.
Palm Beach Community Bank: Boynton Beach, FL. “Global Money Market Account” Designed as a tiered level interest bearing account (the higher your balance, the higher the interest rate) that allows you six transactions per month. $2,500 minimum balance required. Earn 1.85% APY on the highest tier. Palm Beach Community Bank was just set up last year (2008) by a group of local investors. They have just one location, Palm Beach, but offer a wide variety of online banking options so that you can conduct your personal banking remotely.
Both of the institutions mentioned above are federally insured by the FDIC. If you reside in the state of Florida and know of a better money market account rate offered through your local bank or credit union, please share by leaving a comment.