Below are the highest yielding money market account rates serving citizens of the state of Indiana.
If you are strictly after the best 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 Indiana, we have found that in most instances you will be able to lock in more competitive rates with some local institutions rather than national institutions, however these local banks and credit unions typically come with rather exclusive membership eligibility requirements. Before committing to one of the banks listed below, you may want to browse through our archive of best money market accounts.
Below, we have listed the top 2 banks and/or credit unions serving the state of Indiana which are offering the highest returns on their money market accounts. Keep in mind the national average for money market rates currently sits at roughly 1.17% APY (to put these offers in perspective).
Top 2 MMA (money market account) rates in Indiana:
(click on the institution for more information)
- Allegius Credit Union: Valparaiso, IN. Money market account yielding up to 2.27% APY depending on your balance. This account is set up in two tiers, the first holds an interest rate of 2.0% (or 2.02% APY) and comes with a minimum balance requirement of between $2,500 and $24,999. The second tier yields 2.27% APY, however, you must keep your balance above $25k. Allegius Credit Union has 5 locations throughout Indiana. They have branches in Hobart, Valparaiso, Chesterton, Burns Harbor and Michigan City. They also have a number of “partner credit unions” which you can conduct your banking through as well. These partner credit unions reside in the greater Fort Wayne and Indianapolis areas. To receive membership eligibility information contact: (219) 462-3558
- First Federal Savings Bank: Winimac, IN. Money market account yielding 2.02% APY with a minimum balance requirement of $50,000. This account operates in five tiers. The first tier is based off of a balance of lower than $2,500 and only yields 1.0% APY. If your balance drops below $2,500 you will also incur a $5.00 maintenance fee. The second tier yields 1.26% APY and requires a balance of between $2,500 and $9,999. The third tier yields 1.51% APY and requires a balance of between $10,000 and $24,999. The fourth tier yields 1.76% APY and requires a balance of between $25k and $49,999. First Federal Savings Bank began in 1966 in the backroom of a neighborhood grocery store in Rochester, Indiana. They have since grown to a six-branch operation as of 2008.
Both of the institutions above are federally insured by either the FDIC or NCUA. If you live in Indiana and know of a better money market rate offered through your lcoal bank or credit union, please share by leaving a comment.