Best money market account rates in Washington DC area: Top 3

September 30, 2009 No Comments »

Below are the highest yielding money market account rates serving citizens of Washington DC (District of Columbia).

If you are strictly after the best interest 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.

After sorting through dozens of interest rate tables belonging to banks and credit unions serving the Washington DC area, we have found that in many instances you will lock in more competitive rates with national institutions rather than local ones (if you are eligible). Before committing to one of the banks/credit unions listed below, you may want to browse through our national money market rates tables.

Keep in mind, money market rates are time-sensitive in nature, therefor you may want to refer to the date of this article for accuracy. As with all money market accounts, the interest rates are variable and are subject to change without notice.

Top 3 money market rates in Washington DC:

(this information is time-sensitive)

  1. Urban Trust Bank has a money market account which is providing an interest rate of 1.45% APY when balance of $10,000 or more is held. Urban Trust Bank is headquartered in Bethesda, Maryland and has several locations (either physical branch or ATM) in Virginia, Maryland and Washington DC.
  2. NLRB Federal Credit union has a money market account yielding 1.41% APY when a balance of $2,000 is maintained. NLRB has fairly strict eligibility requirements (as most credit unions do) and has several locations, either ATM or physical branch in Maryland, Virginia and Washington DC. They primarily operate out of the District of Columbia.
  3. Government Printing Office Federal Credit Union has a money market account which is providing an interest rate of 1.257% APY when a minimum balance of $10,000 is maintained. You will need to be employed by a specific branch of the federal government to join this credit union. They have locations in the Washington DC area.

All of the above institutions are federally insured by either the NCUA or FDIC. If you live in the District of Columbia and know of a better money market rate offered through your local institution, please share by leaving a comment.

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