Evantage Bank’s High Interest Money Market Account

April 17, 2009 7 Comments »

evantage bank mmaUpdate 2012: This account was yielding 1.10% APY up until just recently when, Evantage Bank decided to stop offering it – referring to it as being “sold out.” If you’re looking for the highest yielding FDIC-insured online money market accounts, you can stop by our database (top 50 MMA rates).

Evantage Bank is a very small bank based out of Oklahoma. They are the 150th largest bank within the state according to asset size and aren’t even in the top 1000 banks nationwide. They have just one location and 15 employees and their banking products are almost entirely online.

As of 2012, savings rates in general are at all time lows for both deposits and money market accounts. In the latest FED meeting regarding interest rates, FED chairman Ben Bernanke made it quite clear that consumers shouldn’t expect much of a rise until at least 2014.

- Offer from Archive -

Evantage Bank’s Mega Money Market Account earns 3.10% APY on all balances up to $35,000! And you earn a still respectable 1.65% APY on balances above $35k. This account also comes with 6 free monthly withdraws a free check card.

Since Redneck Bank paved the way with their Mega Money Market Account yielding 3.10% APY a while back a few other banks have jumped on the scene with their own high interest money market or savings account offers. Just last week Darby Direct came out with a high yield savings accounts yielding 3.05% APY with no fees or requirements. Hopefully this trend manages to open the flood gates to more lucrative short term rates!

Evantage Bank’s Mega Money Market Account Features and Details:

- Monthly Statements are received electronically
- Includes 6 FREE withdrawals per month**
- FREE Evantage MasterCard® CheckCard
- FREE Account (No Monthly Maintenance Fee)
- FREE Online Banking
- FREE Customer Service
- Overdraft Privilege available.

- Earns interest of 3.10% APY* calculated on your daily balance of up to $35,000.  Amounts over $35,000 earn 1.65% APY*
- Includes 6 FREE withdrawals per month.
$5 fee for each additional withdrawal

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  • CB

    Just another teaser rate…

    just like:

    redneck bank
    darby direct
    etc etc etc

    if this APY stays at 3.10 for 20 days Ill be impressed

  • JFK

    Trying to open an account here was a disaster. After completing online and doing trail deposits, the account was still “under review”. After a week I called them and now I’m told they need a copy of drivers license and it will be another 2-3 business days after that before it can be opened.
    That would make it two weeks. I decided to go elsewhere and told them to cancel my application. A good rate is not worth the cost of speed!

  • BankVibe

    Thanks for sharing your experience JFK! Maybe they were stalling your account so they could drop the rates… if CB’s assumption is correct…

  • JFK

    They did announce a rate drop via email!

  • JFK

    Interesting their websites still show 3.10%.
    The new rate is 2.00% effective 5/5/09

  • BankVibe

    Wow that is a hefty rate drop. 3.10 to 2.00! Thanks for bringing this to our attention. Looks like it was a teaser after all…

  • CB

    Told ya. Less than 20 days