Best money market account rates in Illinois

August 21, 2009 No Comments »

Below are the highest yielding money market account rates available to residents of the state of Illinois.

Currently, the large national banks are offering similar money market rates when compared to the rates offered by local banks and credit unions. In Illinois, there are a few local institutions which have higher yields on their money market accounts, but they have fairly strict membership eligibility requirements.

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 Illinois 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 Money Market Account Rates in Illinois:

First Federal Savings Bank of Mascoutah: New Baden, IL. Money Market Account yielding between 1.76% APY and 2.26% APY depending on minimum balance. If you maintain a minimum balance of $1,000 – $4,999 you will earn 1.76% APY, if you maintain a minimum balance of $5,000 – $10,000 you will earn 2.01% APY and if you maintain a balance of above $10k you will earn the 2.26% APY. First Federal Savings Bank of Mascoutah was founded on August 1913 as the Mascoutah Building and Loan Association.  At the time there was an influx of new citizens with virtually no rental properties available.  To help solve this problem, a group of local businessmen invested to found the Building and Loan Association.  Unlike banks of the time, the building and loan could make long time loans repayable in small periodical payments.  This enabled a growing number of citizens with lower incomes to secure home mortgages and not have the problems associated with a short time mortgage.

City National Bank of Metropolis: Metropolis, IL. Money market account yielding 2.27% APY with a minimum balance of $2,500. They call this account the “cash management account” and it allows you to make transfers from a cash management account to another account or to third parties by pre-authorized, automatic, telephone or computer transfer are limited to six per statement cycle with no more than three by check or similar order to third parties. City National Bank of Metropolis has been serving southern Illinois for over 100 years.

Both of the above institutions are federally insured by the FDIC – your deposits are secure up to $250,000. If you live in Illinois and know of a better money market account rate offered through your local bank or credit union, please share by leaving a comment.

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