Below are the best money market account rates we have found serving residents in the state of California. After digging through a number of rate pages of local banks and credit unions we have found that national banks are able to provide more competitive interest rates the local California banks. The only credit union offering a lucrative interest rate was Provident CU and it is a promotional offer which is set to expire this year.
We had a pretty substantial debate on BankVibe last month on whether or not local banks and credit unions offered better products than the large national banks and concluded that it varied from state to state. Many states with high population density such as California tended to lean towards the national banks for more competitive rates, while states such as Kansas, Nebraska and Idaho tended to lean towards local institutions for the highest yielding interest rates.
Top 2 MMA (money market accounts) in California:
(clicking on the institution will bring you to their home page)
- Provident Credit Union: Redwood Shores, CA. Money market account yielding 2.0% APY. This is a promotional offer which is subject to change without notice. Their is no minimum balance associated with this account. Provident Credit Union also has a rewards checking account which features an APY of 3.50%. Like all rewards checking accounts, you must complete a list of monthly requirements to earn the advertised interest rate. Provident CU has several locations throughout California. They have branches in San Jose, Belmont, Daly City, Eureka, Folsom, Hayward, Los Gatos, Millbrae, Monterey, Oakland, Palo Alto, Redwood City, Redwood Shores, San Francisco, San Mateo, San Ramon and Walnut Creek. Joining Provident CU is based upon where you work, where you live, and who your family members are (is anyone in your family a member?).
- First Choice Bank: Cherritos, CA. Money market account yielding 2.0% APY with a minimum deposit amount of $10,000. The mission of First Choice Bank is to set a new banking standard where the customer always comes first. They claim that their primary goal is to understand the individual concerns and financial services needs of our customers, and to provide a prompt, professional and decisive response. First Choice Bank will strive to exceed the expectations of our customers and shareholders through vision, innovation, integrity, commitment and teamwork.
Both of the above institutions are federally insured by either the FDIC or NCUA. If you live in California and know of a better money market account offered through your local bank or credit union, please share by leaving a comment.