Highest yielding money market account rates in Maryland

September 3, 2009 No Comments »

Below are the highest yielding money market account rates serving citizens of the state of Maryland.

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 Maryland, we have found that in most instances you will be able to lock in more competitive rates with local institutions (if you are eligible for membership). Before committing to one of the banks/credit unions listed below, you may want to browse through our archive of best 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.

Top 2 MMA (money market account) rates in Maryland:

(click on the institution for more information)

  • Wepco Federal Credit Union: Oakland, MD. Money market account yielding an astounding 2.53% APY on balances above $2,500. If you cannot maintain the minimum balance you will not accumulate any interest. This is a very substantial offer considering the national average for money market rates sits at roughly 1.17% APY. You are also entitled to three withdrawals or transfers per month, however each of these transactions must be in increments of $500 or more. Dividends are compounded monthly and paid montly. Membership is available to current or retired employee of Westvaco Corporation, Luke, Maryland, or any relative who is a member of WEPCO Federal Credit Union (this includes spouse, child, parent, brother, sister, immediate in-laws, related by blood, marriage or adoption. Also, anyone residing in the same household.) Anyone who lives, works, attends school, belongs to an organization, or owns a business within Allegany, Garrett, Mineral, Tucker and Preston Counties may now join WEPCO Federal Credit Union as well. If you are unsure whether or not you may join contact: (301) 729-0146
  • Centra Bank: Hagarstown, MD. Money market account yielding 2.0% APY with a minimum deposit of $5000. You may open a money market account through Centra with a balance of only $1,000 but you will receive a lower interest rate. There is no monthly service fee associated with this account and you are allowed 6 transfers per month (only 3 of which can be check). Centra Bank has four locations in Maryland (Morgantown, Martinsburg, Fayette County, and Hagerstown). Centra claims that one hundred percent of the deposits and money invested in Centra Bank from local residents and businesses will stay in town and will be invested in loans that result in job creation in Maryland.

Both of the above institutions are federally insured by either the FDIC or NCUA. If you live in Maryland and know of a better money market account rate offered through your local institution, please share by leaving a comment.

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