Forum Credit Union out of Indianapolis has a phenomenal money market account called a “health savings money market account” which is currently yielding an APY of 3.00% if you are willing to maintain a balance of at least $7,500. This featured MMA rate became effective on the first of this month (6/01/2009) and is subject to change.
Update: Compare today’s highest yielding money market accounts from our database.
The potential fees associated with this account are not obvious on the website. They have listed the breakdown of potential fees for their “Cross over MMA,” their “Prestige MMA,” and their “Platinum MMA” however nothing is listed for this specific account (health savings MMA).
The fee breakdown for the other money market accounts include withdrawal fees and minimum balance fees (if min balance drops below a predefined level). You may want to dig around in the Fee Disclosure PDF before opening an account, or contact a rep to make sure you don’t get any unwanted surprises.
Since the rate table specifies the 3.00% APY is good on all “health savings money market accounts” with balances of $7,500 and above I would venture to guess that if you never drop below that amount you should be good to go. If you plan on making regular withdrawals from this account or if you plan on conducting any sort of money transfers throughout a given month I would certainly speak to a rep before opening.
Contact info for Forum Credit Union:
Address: 11313 USA Parkway, Fishers, IN 46037
telephone number: (317) 558.6000
Our take: This is a very attractive rate when compared to the current national average for these accounts. One thing to consider though is that interest rates in general are set to continue a downward slide. The FED is aiming to keep key rates between 0.25 and 0.50 percent until we have recovered from this recession. This means that while variable rate accounts are stil featuring attractive rates, they will inevitably fall in the near term. A 5 year CD may be a better product to lock into, so that your money has a fixed interest rate for a longer period of time.