Archive for the ‘money market accounts’ Category:
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 1.40% 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.
Click Here to open the account online or to learn more about the product. 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 1.35% APY with $0 minimum deposit required.
2) Discover Bank Online Savings Account yielding 1.35% APY with $500 minimum deposit required.
3) Capital One Online Savings Account yielding 1.35% APY with $2,500 minimum deposit required.
* Interest rates change daily, please refer to the date of this article for accuracy.
EverBank’s Yield Pledge money market bonus rate: 2.25% APY
EverBank’s “Yield Pledge Money Market Account” is one of the top money market accounts available if you can maintain a balance of at least $5,000. EverBank is known for offering good sized bonus rates on their MMA’s for new account holders. Right now they are offering 2.25% APY for the first 3 months. And even though the interest rate is variable, their “yield pledge” makes the promise to stay within the “top 5% of competitive accounts.”
Once you factor in the rate succeeding the promotional period, the first year’s APY settles at a respectable 1.51 percent. Considering the national average for money market rates sits at an abysmal 0.80% APY, this deal looks pretty good. Just be sure to keep at least $5,000 in your account because if your monthly average balance slips below $5,000 you will incur a 9 dollar fee ($8.95 to be exact) and this fee could put a big dent in your monthly interest earnings.
* The minimum deposit required for this account is $1,500 and $5,000 avoids a monthly fee of $8.95.
Recently we have made note of several respectable liquid-accounts such as this one. A couple weeks ago we mentioned how the use of a cash back checking account may actually provide better returns than an interest bearing checking account or money market if you plan to spend a good amount from the account every month.
Details of Yield Pledge MMA by EverBank:
- 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
Best MMA (money market) rates for balances of $10k or more
We got an email over the weekend from BankVibe.com reader Stephan asking where to open a money market account in order to receive the highest yield for his balance (which he suspects will remain above the $10,000 mark). Rather then sending him a personal response we thought we’d help him in his research with today’s post.
First, for those of you whom may be in the same boat as Stephan, we would like to point out that you have many options besides a traditional money market account. We can assume that you are looking for a liquid, FDIC insured investment vehicle with more flexibility than a standard bank CD and while MMA’s are decent options, there are also other alternatives. Rewards checking accounts have been exhaustively covered on BankVibe.com over the last year due to the perseverance of their high interest rates (even while MMA and CD rates tanked relentlessly). With these accounts you can expect to yield returns of anywhere from 3 to 5 percent for balances of up to $25,000 to $50,000. Please review the specifications of those accounts before opening one as they come with monthly requirements to earn the high APY. You may also want to take a glance at our review of SmartyPig’s online savings account. It takes a unique approach to savings while providing a phenomenal APY to it’s customers.
So, that being said…
If you are still simply after a traditional MMA, the table below shows the top products which are available to customers nationwide. Please note that in most cases you will receive equal rates whether your balance is $100 or $10,000 so trying to maintain a high monthly balance may not be a prerequisite to earn a solid interest rate. Also, to put these rates in perspective the current national average for MMA rates sits at roughly 0.80% APY.
Top MMA rates:
| Bank Rank | Name of Bank | Investment Type | Rate | APY | Monthly Fees | Min. Deposit |
|---|---|---|---|---|---|---|
| 1 | SallieMae | Online Savings Account | 1.39 | 1.40 | $0 | $0 |
| 2 | Discover Bank | Online Savings Account | 1.34 | 1.35 | $0 | $500 |
| 3 | American Express | Money Market Account | 1.29 | 1.30 | $0 | $0 |
| 4 | Bank of Internet | Money Market Account | 1.29 | 1.30 | $0 | $100 |
| 5 | Nationwide Bank | Money Market Account | 1.29 | 1.30 | $8.00 | $1,000 |
Tags: SmartyPig
FNBO Direct’s Online Savings Account’s Features and Rate
As anyone in the market for an online savings account will tell you, the current interest rates being provided by these FDIC insured accounts are terrible. The national average for online savings accounts sits below 1.0% and some analysts suggest this “interest rate slump” may be here for a longer period of time than what was originally predicted (and hoped for). That is why we found it necessary to cover one of the better offers on the market for not only interest rates but account features, flexibility and functionality.
FNBO Direct has been at the top of their class for years due to their consistently high interest rates (their online savings account is currently providing 1.25% APY, 0.30% APY higher than the national average), their easy-to-use interface, and simple money transfer capabilities. Learn More.
FNBO Direct’s online savings account comes with no minimum balance (open an account for as little as $1.00), allows access to your money at anytime (no penalty for withdrawals), comes with superior online security and extremely easy transfer options for sending money in and out of your account.
Features of FNBO Direct’s Online Savings Account:
- Earn 5X more on your savings
- FNBO Direct offers you a great rate and the ease of online banking
- No balance minimums – No fees
- Manage your account securely online
- Deposits insured by the FDIC up to $250,000
- Send mobile and email payments directly from your FNBO Direct accounts.
- Received money? Deposit it into your FNBO Direct accounts.
- Free yourself from the hassle of check writing and bank visits.
Ally Bank’s Current Offers: CD, money market and online savings
Ally Bank, formerly GMAC, frequently dabbles in the top 5 when it comes to savings rates. They are frequently regarded as one of the top online banks when it comes to interest rates and “no penalty guarantees.”
If you are unfamiliar with Ally Bank’s story, here it is in a nut shell…
Because Ally Bank was built on the foundation of GMAC Financial Services, they’ve learned that these times demand change and a new way of banking. They’ve claimed to take banking in a new direction.
They claim to value integrity as much as deposit rates and be a bank that will always be open, accountable, and honest. They swear to never deal in half-truths, kinda-truths, or truths only buried in fine print. They claim this is because they don’t have anything to hide (aka they are always going to give it to you straight).
On top of their self-proclaimed integrity, they also kicked off 2010 with some fairly solid savings rates that we wanted to reiterate here:
12 month CD – (no minimum deposit required) is yielding 1.80% APY. The national average for 1 year CD rates sits at 1.40% APY.
Money Market Account – (no minimum balance required) is yielding 1.49% APY. This account also comes with free checks, no ATM fees, and interest which is compounded daily. The national average for money market rates sits at 0.95% APY.
Online Savings Account – (no minimum balance required) is yielding 1.49% APY. This account also comes with no fees and the interest is compounded daily.
Top Online Savings Accounts: November 2009
Despite the consistent downward trend in CD rates over the last several months, online savings accounts have (at least momentarily) stabilized. In fact, a select few have even seen their rates increase, albeit from abysmal levels to begin with. Etrade, for example, was providing a yield of 0.60% APY for a few months this past summer and has since seen it’s interest rate rebound to 0.95% APY.
Online savings accounts, in general, function the same way as money market accounts do and are sometimes even synonymous. The most notable benefits of online savings accounts are their flexibility, lucrative returns, and FDIC protection. Most people, especially those who carry a large balance on their checking accounts, tend to opt for these particular accounts in order to have their idle cash earn some extra interest.
Top 3 FDIC insured online savings accounts (November 2009):
If we have left out your online bank which happens to provide an exceptional interest rate, please share by leaving a comment!
Best money market account rates in Washington DC area: Top 3
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)
- 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.
- 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.
- 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.
Highest yielding money market account rates in Rhode Island
Below are the highest yielding money market account rates serving citizens of the state of Rhode Island.
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 state of Rhode Island, 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 2 money market rates in Rhode Island:
(click on the institution for more information)
- Freedom National Bank: Greenville, RI. Money market account yielding 1.01% APY with a minimum balance of $2,500. They also have a farily noteworthy high yield savings account providing an interest rate of 1.25% with a minimum deposit of $100,000 required. Freedom National Bank is a community bank of Norther Rhode Island and offers a wide range of savings and loan products. They also specialize in business products (loans, savings accounts and consulting). They have one branch in Greenville and one in Cumberland. Contact: (401) 333-3666
- Coventy Credit Union: Coventy, RI. Money market account yielding up to 1.45% APY depending on your balance. This account is set up in 4 tiers. The first yields 0.90% APY and requires a balance of between $2,500 and $24,999. The second yields 1.10% APY and requires a balance of between $25,000 and $49,999. The third yields 1.25% APY and requires a balance of between $50k and $75k and the last provides 1.45% APY to balances above $75,000. They also have a few “special CD rates” for 7 month, 9 month and 24 month terms. Although Coventy Credit Union is a small member-owned financial institution, they accept membership from customers throughout the country. You must first open a “share savings account.” Contact: (401) 397-1900
Both of the above institutions are federally insured by either the NCUA or FDIC. If you live in Rhode Island and know of a better money market rate offered through your local institution, please share by leaving a comment.
BankOn money market account: 2.05% plus $50
Here is a pretty sweet money market account offer through BankOn. Thanks to BankVibe reader Paul for submitting this one!
BankOn is owned by Pinnacle Bank and offers online checking accounts and money market accounts. Currently, with each new money market account opened they will give you $50 as a sign up bonus along with a very respectable interest rate of 2.05% APY. Keep in mind, this is a variable rate and may change without notice.
Features, terms and conditions:
• $50.00 bonus for opening account
• Online only account
• No required minimum balance after opening
• No paper statements
• No checks
• Free PinnBank – 24-hour online banking
• FreeTelebank
• Free Electronic Statements
• Messenger
• Mobile Banking
Even though they are an online division of Pinnacle Bank, they only accept online applications from Nebraska, Colorado, Kansas, Missouri and Wyoming residents only. If you are not a resident of one of these states, they invite you to contact one of their branches directly for personalized service in opening an account.
Highest yielding money market account rates in Hawaii
Below are the highest yielding money market account rates serving citizens of the state of Hawaii.
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 state of Hawaii, 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 2 money market rates in Hawaii:
(click on the institution for more information)
- Wings Financial Federal Credit Union: Honolulu, HI. Money market account yielding 1.92% APY with a minimum balance of $5000. There are no monthly fees or surcharges related with this account. There are no minimum balances required, however anything under $5000 will not provide an interest rate. You are entitled to 2 free withdrawals per month, each withdrawal after will cost $20. Dividends are calculated using the average daily balance method. Membership is available to most people employed in, retired from, or whose job directly supports the air transportation of people or cargo, immediate family members of persons engaged in such activities, and family members (including household relationships) of a current credit union member. Contact (800) 692-2274
- Home Street Bank: Pearl City, HI. Money market account yielding 1.15% APY with a minimum balance of $10,000. Although Home Street Bank is headquartered in the pacific northwest they also serve consumers in Hawaii. Contact: (800) 719-8080
Both of the above institutions are federally insured by either the NCUA or FDIC. If you live in Hawaii and know of a better money market rate offered through your local institution, please share by leaving a comment.
