Below are the highest yielding money market account rates serving citizens of the state of Iowa.
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 Iowa, we have found that in some instances you will lock in more competitive rates with local institutions rather than national ones (if you are eligible). Before committing to one of the banks/credit unions listed below, you may want to browse through our archive of money market accounts.
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 money market rates in Iowa:
- First Trust Savings Bank: Wheatland, Dixon, Lost Nation, Calamus, Grand Mound, Donahue, Des Moines, Iowa. Money market account yielding up to 1.97% APY depending on your minimum balance. This money market account is set up in 3 tiers. The first yields 0.55% APY and requires a balance of between $2500 and $24,999. The second yields 1.47% APY and requires a balance of between $25,000 and $49,999. The third tier yields a 1.67% APY and requires a balance of between $50k and $74,999. If you can keep a balance of $75k or above you will receive the 1.97% APY. There is a $600 minimum deposit, however if your account is below $2,500 you will not only receive no interest, you will also incur a $5 fee. Contact: (563) 374-1247
- New Albin Savings Bank: New Albin, Iowa. Money market account yielding an outstanding 2.02% APY with a minimum balance of only $2,500. If your balance falls below this $2,500 mark, you will recieve a yield of 0.50% APY. They also have two checking accounts which are providing an interest rate of 0.50% APY. New Albin Savings Bank has just one location, located in New Albin, Iowa. Contact: (563) 544-4214
Both of the above institutions are federally insured by the FDIC. If you live in Iowa and know of a better money market rate offered through your local institution, please share by leaving a comment.