Below are the highest yielding money market account rates serving citizens of the state of Alabama.
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 Alabama, we have found that in most instances you will be able to lock in more competitive rates with national institutions rather than local ones. Before committing to one of the banks/credit unions listed below, you may want to browse through our archive of money market account interest rates.
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 MMA (money market account) rates in Alabama:
(click on the institution for more information)
- Citizens Bank: Geneva, Alabama: Money market account yielding 2.05% APY with a minimum deposit of $10,000. They are also advertising a “Star Rewards Checking Account” which is yielding 4.41% APY on balances up to $24,999. If you are unfamiliar with rewards checking account, you may want to review the requirements that are typically associated with them before signing up. Citizens Bank serves the greater southeast with over 40 branches in Tennessee, Alabama and Mississippi. They offer a general range of products from loans (consumer, home, auto, etc) to savings accounts (certificate of deposits, money market, interest checking, rewards checking, etc). They also have a wide range of business banking products as well. Contact info: (205) 408-7160 – Burmingham, Alabama office
- Southern States Bank: Opelika, Alabama: Money market account yielding 1.95% APY with a minimum deposit of $5,000. You must maintain a minimum balance of at least $1,500 to avoid a monthly fee of $10. Please note that you will also receive a lower interest rate with that amount as well. You are entitled to six monthly withdrawals (3 of which can be personal check). You will pay a $10 service fee for each additional transaction. Although the name of this bank (Southern States Bank) may lead you to believe this is a regional bank serving a number of southern states, it is not. They have three locations in Alabama only. Their locations are in Burmingham, Opelika and Anniston. Contact: (334) 737-1092
Both of the above institutions are federally insured by either the FDIC or NCUA. If you live in Alabama and know of a better money market rate offered through your local institution, please share by leaving a comment.