Highest Yieldig MMA Rate in Vermont Offered by Local Credit Union

Heritage Family Credit Union of Vermont is currently boasting the highest interest rate on a money market account from any locally based institution. However, if you’re strictly after the top rates, you should know that this rate is still lower than some of the top offers nationally.

Heritage Family Credit Union sets their interest rates on a tiered system based on balance amount. If you’re able to keep $35k or above in the account you’ll earn  the highest tiered interest rate of 0.81% APY (current national average sits at roughly 0.68%). If your account is between $20k and $34,999 you’ll earn 0.71% APY and if your balance is between $1,000 and $19,999 you’ll earn just 0.50% APY.

HFCU has 9 branches in Vermont and provides membership to residents in nearly every county. They also have 1 branch in New Hampshire, however, membership is slightly more exclusive as only residents of Merrimack County can join.

Savings and Money Market Rates offered from Heritage Family Credit Union:

More Noteworthy Local Rates for Vermont Residents:

- Bellwether Community Credit Union is featuring a money market rate of 0.50% APY with minimum balance requirements of at least $10,000.

- Lockheed Federal Credit Union is also featuring a money market rate of 0.50% APY. Their minimum balance requirement sits at just $1,000.

First Year APY on EverBank’s Money Market Account Rises to 0.91%

EverBank’s notorious “yield pledge money market account” just shot up to the number 1 spot on our money market tables by featuring a first year APY of 0.91%. This new rate almost doubles the current national average of 0.50% APY, but is only available during the first 12 months of opening the account. The interest rate following the first year is variable but still falls under their “yield pledge” which promises to keep their variable rates amongst the top 5% of all online savings accounts.

The way they calculate this yield is as follows:

Upon the first 6 months of opening the account, you’ll earn a promotional APY of 1.05%. During the second half of the year your rate will dip back to it’s standard APY of 0.76%. Averaging out these two yields on an annual basis is how you come up with the 0.91% APY.

The interest rate applies to balances between $1,500 and $50,000.

Our take:

This is a fairly competitive offer from EverBank. The guaranteed 6 month yield of 1.05% is far more lucrative than any of the top 6 month CD rates available online. And although the first half of the year is followed by a variable rate, their yield pledge provides a sense of security in knowing that it will remain competitive during the second half.

Also, keep in mind the FED has flat out stated key rates will remain at these levels through 2014 despite any overall rebound in the economy. Therefore savings rates, in general, likely wont rise in any dramatic fashion for 2 years making this offer fairly enticing for the interim.

Visit EverBank for terms and conditions.

Highest Yielding Personal Money Market Account Rates in New York – 2012 Edition

The highest yielding money market account rates for New York based residents in 2012 aren’t much different than what consumers can lock in nationally so far this year.

Depending on which state you reside, you can sometimes lock in higher rates from local credit unions or community based banks, but with New York’s local institutions not much is extraordinary.

If you do reside in NY and are looking to open a money market account secured by either the FDIC or NCUA, if opting for a credit union, we’ve compiled the best options below for 2012.

Money Market Rates 2012 – New York Based Banking Institutions Only:

- Lomto Federal Credit Union (www.lomto.com) is currently offering the highest annual percentage yields on their personal money market rates of all locally based credit unions or banks in the state. As of the beginning of 2012, you can lock in a MMA featuring an interest rate of either 0.85% APY or 1.35% APY depending on which type of account you opt for. Their “share money market account” boasts the highest yield if you can manage to maintain a minimum balance of at least $10,000 and limit your withdrawals to just six per month. Lomto credit union was originally established in 1936 in the Bronx but moved to Manhattan in 1983 and then again to Queens in 2010 where they currently reside. They control roughly $200 million in assets and are a not-for-profit institution but only service a select group of residents. Contact them at (212) 947-3380.

- Solutions Credit Union (www.solutionscu.org) offers the second highest yielding MMAs, but their top rates are closer to the rates offered nationally with FDIC-insured online banks. Their minimum balance requirement is not listed on their website, however we’ve found out the highest interest rate offered on their money market account sits at 0.85% APY as of February, 2012. As with Lomto FCU (above), Solutions Credit Union limits their membership to those residing in Southport, Ashland, or Elmira, New York. If you fall into that subset of New Yorkers, then membership is simple. You’ll need to open a share savings account and fund it with $25.00 as well as stop by their office to sign a membership card.

- Greater Metro Federal Credit Union (www.greatermetrofcu.org) is featuring a personal money market account with interest rates between 0.65% APY and 0.85 APY depending on balance amount. Any amount over $50k will garner the 0.85% APY while anything between $5k and $50k will receive 0.75% APY. Membership eligibility for Greater Metro CU is limited to people/families tied to a select group of employers in the greater New York City area. Their employer list is comprised of both public and private entities. Visit their website for more information regarding membership.

Top Money Market Account Rates in 2012 Available Nationwide:

As of most of 2011 and all of 2012, there have been 3 online banks that have kept their APY’s amongst the best in the country.

1) Discover Bank features an APY of 0.90% on their personal money market accounts and online savings accounts. This account is available online.

2) Sallie Mae Bank also features an APY of 0.90% that is available nationwide. Previously known for student loans, Sallie Mae entered the banking and personal savings

3) Ally Bank features the third best APY of MMA’s available online and in every state. You can see their savings account rates along with updated offers from around the country in our database.

First Choice Bank’s Money Market Rates Leading The Way In New Jersey

During this week’s survey of the top money market account rates in New Jersey, we were reminded of one interesting bank with two interesting rates – First Choice Bank. First Choice Bank of New Jersey offers between 0.90% APY and 1.40% APY on their personal money market accounts depending on deposit size.

The interest rates are set up in three tiers. If you’re balance remains between $1 and $9,999 you’ll earn the lowest rate of 0.90% APY – still a large step up from the national average of 0.72% APY. If you’re balance sits between $10,000 and the FDIC ceiling of $249,000 you’ll earn a very respectable 1.15% APY. However, if you’d like to exceed your FDIC insurance limit and stash more than a quarter of a million dollars in the account you’ll save at a rate of 1.40% APY. The fact that they are attempting to entice consumers to exceed FDIC insurance limits is somewhat strange and rarely practiced by FDIC insured banks or NCUA insured credit unions. And regardless of interest rate, we would never recommend depositing more than $250k into a bank CD.

The 1.15% APY they offer on everything above $10k and below the FDIC limit is a very competitive offer both in New Jersey and throughout the country. You’ll be hard pressed in any state to find a MMA rate above 1.00% APY, so to see an offer 15% above that is encouraging. You can compare all MMA rates from our database to see how this offer stacks up against the competition.

First Choice Bank has just 5 locations – all of which reside in New Jersey. You can contact their main branch at (866)546-8273.

Additional Noteworthy Personal Money Market Rates in NJ (December 2011):

- Cornerstone Bank is offering MMA’s at 1.0% APY requiring a minimum balance of $500.

- Customers Bank (Trenton, NJ) is offering MMA’s at 1.0% APY requiring a minimum balance of $1,000.

- Cornerstone Bank is offering MMA’s at 1.0% APY requiring a minimum balance of $500.

- Union County Savings Bank is offering MMA’s at 1.0% APY requiring a minimum balance of $2,500.

Chicago, IL – Local Money Market Rates Losing to Online Banks

If you reside in the greater Chicago, Illinois area and are in the market for a liquid savings account with FDIC insurance, you’re likely better off (interest rate wise) with an account from an online bank rather than a local institution.

After surveying the top money market rates offered by local banks and credit unions in Chicago, we found that there is only one local institution with reasonably competitive rates – Washington Federal Bank for Savings (headquartered in Chicago, IL). Their money market account is currently providing a yield of 1.01% APY with a minimum balance requirement of $1,000.

Related: Several months ago we rounded up some noteworthy long term CD rates in Chicago and found that local institutions trumped online and nationwide banks on interest rates quite handily.

Washington Federal Savings Bank, established in 1913, is a small institution with only 16 employees and 2 locations (both in Chicago). Their consumer savings accounts are FDIC insured up to $250,000.

Top MMA Rates for Chicago Residents (Local and Nationwide Institutions):

- Discover Bank 1.05% APY. $500 minimum deposit. Available Nationally.

- Washington Federal Savings Bank 1.01% APY. $1,000 minimum deposit. Local Only.

- Hudson City Savings Bank 1.00% APY. $2,500 minimum deposit. Available Nationally.

- Ally Bank 0.85% APY. $1.00 minimum deposit. Available Nationally.

- National Republic Bank of Chicago 0.75% APY. $2,500 minimum deposit. Local Only.

Premier Money Market Rates Found at Huntington Bank

We just got word of some exceptional money market rates for those of you looking to keep a large chunk of change in a liquid FDIC insured investment.

Currently with a “Premium Plus Money Market Account” from Huntington Bank you’ll earn a nice 1.25% APY on balances above $20,000 (and all the way up to $2 million). The only catch is that you’ll also need to open one of their checking accounts and maintain a $1,500 balance. The checking account, unfortunately, garners little in the way of APY, so you may want to factor that in to your overall projected earnings with the MMA.

Huntington Bank, while based out of Ohio, opens it’s doors to consumers across the country excluding only residents in California and Massachusetts. They have over 600 branches in the United States with a large number of them in the mid-west and east (Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia).

Compare this offer with some of the top yielding money market accounts from our database of nationwide institutions and you’ll see that it beats most of them on interest rate by roughly 25% (the top institution available nationally and online pay just 1.00% APY but come with no minimum balance requirements and requires no additional accounts with the institution).

To put this offer in further perspective, the national average for money market rates on balances above $25k sits at roughly 0.80% APY. The national average for money market accounts with balances of $0-$10k and $10k-$20k sit at roughly 0.55% APY and 0.63% APY, respectively.

Top 3 Money Market Accounts – Nationally Available

If you happen to be looking for a liquid savings account or money market account to stash some cash in AND receive a (relatively) decent interest rate while you’re at it, then you may want to look into the following flexible money market accounts we’ve highlighted below. These are the top 3 accounts in terms of interest rate (APY), flexibility and availability. If you are purely a “rate hunter” then we would suggest checking out your local credit union’s rates as well as they can sometimes offer slightly higher APY’s then nationally-available online banks can. However, keep in mind you’ll need to be a member with the credit union which may require you to open additional accounts and/or participate in a Share Savings Account.

Today’s current savings rates are, quite frankly, terrible. So don’t get too excited on the prospect of having your cash work for you by pumping out a lucrative return on your investment. Today’s best rate that is nationally available sits at just 1.15% APY.

Top 3 Money Market Accounts which can be opened online:

(Rates accurate as of July 2011.)

1) Sallie Mae Money Market Account – Sallie Mae, perhaps better known for student loans, have been offering FDIC insured savings products for a while now and their current money market account provides a yield that is tied for the highest in the country (1.15% APY) and comes strait forward terms and conditions which make the account very simple to open and manage. There are no minimum deposits required, no monthly fees, and you can open and mange the entire account online.

2) Discover Bank High Yield Savings Account – Discover’s online savings account essentially functions as a money market account that just happens to be available online (like most online savings accounts do). It’s APY is tied for the best available in the country at 1.15% but the account comes with a minimum deposit requirement of $500. After the initial deposit though, you’ll incur no monthly balance requirements plus the account comes with no fees and can be opened and managed entirely online.

3) Flagstar Direct’s Money Market Account – Offers the second best APY (1.11%) and comes with just a $1 minimum deposit requirement. Flagstar is based out of Troy, MI but offers online accounts to consumers throughout the country.

Know of a better money market account you opened online? Tell us about it by leaving a comment!

Online banks offering better money market rates than local ones

After conducting this week’s survey of money market rates throughout the nation we’ve found that online banking institutions are offering overwhelmingly better interest rates than local banks and credit unions. Since the online banking concept came on the scene in 1994 their interest rates have been at or around the top of the charts for both liquid savings accounts such as money market accounts (or online savings accounts) as well as bank CDs (certificates of deposit). Most claim that the capability to offer such extraordinary rates is due to their efficiency in cost savings – ie no brick and mortar branches to build and staff. In the past though, we’ve found that locally based community credit unions can often compete with these institutions for best savings rates because they are not-for-profit, member-owned institutions that generally pass along their profits in the form of better products and rates to their customers (or “owners”). Recently though, we’ve found that while local institutions are continuing to drop their rates on liquid savings accounts such as money market accounts, the online institutions’ rates are staying relatively stable.

Top Money Market Rates from Online Banks:

(Rates accurate as o November 6, 2010.)

UPDATE July 2011: Sallie Mae now offers an online money market account. Visit updated offer in our latest post covering the best money market accounts online.

Attention! – The Information Below is Outdated and No Longer Accurate -

SallieMae’s Online Savings Account: 1.10% APY with no fees or minimum balance requirements. Sallie Mae dropped it’s rate last week to 1.10% APY from 1.25% APY.

- Ally Bank’s Online Savings Account: 1.19% APY with no fees or minimum balance requirements.

- Discover Bank’s Online Savings Account: 1.15% APY with a $10,000 minimum balance required.

- GiantBank’s Online Savings Account: 1.01% APY with a $1,000 minimum balance required.

You can review more offers here: Top Online Savings Accounts in 2010.

EverBank Yield Pledge Money Market Account: 1.51% APY

EverBank® Yield Pledge(SM) Money Market Account is currently featuring a first year APY of 1.51% thumping the national average for money market rates by nearly 75%. The 1.51% APY does, however, come with a few strings attached.

For starters, the rate is actually 1.26% APY but it comes with a 3 month promotional rate of 2.25% APY which averages out to 1.51% over the course of 12 months. As of now the second year will feature the 1.26% APY but keep in mind this is a variable interest rate that is subject to change at anytime.

Secondly, although the minimum balance required for this account is $1,500 you will have to maintain a minimum balance of at least $5,000 to avoid the monthly fee of $8.95. So if you were to simply open this account with the minimum balance requirements your accrued interest would be completely wiped away with fees (and them some).

In a nut shell… unless you can maintain a $5,000 monthly balance this account is probably not for you, however, if you generally keep a large amount of money in your liquid savings accounts then this account will provide you with one of the top FDIC insured yields on the market.

EverBank has been around for over 40 years and boasts roughly $11.2 billion in assets. And of their personal IBA’s (interest bearing accounts) this “Yield Pledge Money Market Account” remains one of their most popular. With this account EverBank will keep your interest rate amongst the top 5% of competitive accounts at leading banks.

Additional Account Details:

• Earn a yield within the top 5% of competitive accounts. Always.
• Low $1,500 initial-deposit requirement
• No-fee Online and Mobile Banking
• Up to six withdrawals per month
• FDIC insured

Apply Now!

Sallie Mae still offering best money market account rate

Of all the money market accounts (or online savings accounts) available online to consumers throughout the country, SallieMae continues to remain on top. Currently their MMA account provides an interest rate of 1.10% APY (national average sits at just 0.80% APY) and comes with absolutely no fees and no minimum balance requirements. SallieMae came on the savings scene earlier this year by offering online savings accounts and certificates of deposit.

As we mentioned in our first review of SallieMae’s online savings account, this interest rate, while currently on top, is a variable one and is subject to change at anytime without notice.

To open online you will need just your social security number and your drivers license. You can fund this account through several different ways, the most convient being an ACH transfer from a current bank.

Quick Facts from SallieMae:

• Earn 5X more on your savings
• No Minimum Balance — Easy to start
• No Monthly Fees — More Money to Save
• Daily Compounded Interest — It all Adds up
• FDIC Insured — Peace of Mind
• Deposits insured by the FDIC up to $250,000

Top Money Market Rates available online:

1) SallieMae Online Savings Account yielding 1.10% APY with $0 minimum deposit required.

2) Discover Bank Online Savings Account $500 minimum deposit required.

3) Capital One Online Savings Account $2,500 minimum deposit required.

* Interest rates change daily, please refer to the date of this article for accuracy.