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
