BankVibe reader Sean asks, “Who offers the highest yielding money market account in the state of Ohio?”
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 Ohio 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.
Best MMA (money market account) rates in Ohio:
- United Midwest Savings Bank: West Manchester, Ohio. Money market account yielding up to 2.20% APY with a minimum balance of $10,000. Like most MMA’s, you will receive a higher interest rate for a larger minimum balance. Their money market rates are set up in tiers. United Midwest Savings Bank is an independent, privately-owned, federal-chartered institution operating four full-service depository branches and two loan production offices. They offer a variety of deposit and mortgage products and services for the benefits of their customers. In addition, the Bank offers consumer finance products through its operating subsidiary, First Mutual Financial.
- Cleveland Police Credit Union: Cleveland, Ohio. Money market account yielding up to a whopping 2.50% APY if you maintain a minimum balance of at least $25,000. Their money market account is set up in tiers as well. If you maintain a minimum balance of between $2,500 and $4,999 you will receive an interest rate of 1.50% APY, if you maintain a balance of between $5,000 and $24,999 you will receive an interest rate of 2.01% APY. If your balance stays above $25k you will earn 2.50% APY. This credit union is particularly hard to join if you do not have family members serving in some sort of Ohio law enforcement agency.
Both of the above institutions are federally insured by either the FDIC or NCUA. If you live in Ohio and know of a better money market rate offered through your local bank or credit union, please share by leaving a comment.