Highest yielding money market account rates in Massachusetts

September 2, 2009 No Comments »

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

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 Massachusetts, we have found that in most instances you will be able to lock in more competitive rates with national institutions. 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 Massachusetts 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 Massachusetts:

(click on the institution for more information)

  • Peoples Federal Savings Bank: Brighton, MA. “Premium money market account” yielding up to 2.0% APY with a minimum balance of $20,000. This account is set up in three tiers. The first tier holds a minimum balance of between $1 and $999 and yields a rather unimpressive 1.0% APY, the second tier holds a minimum balance of between $1,000 and $19,999 and yields 1.75% APY, the third tier yields 2.0% APY as long as your minimum balance remains over $20k. Peoples Federal Savings Bank is a community bank serving neighborhoods surrounding the greater Boston area for roughly 109 years. They offer a variety of banking products including checking accounts, savings accounts, consumer loans and home financing programs. They have six locations residing in Brighton, Brookline, Allston, West Roxbury, Jamaica Plain, and Norwood. Contact info: (617) 254-0707
  • Greylock Federal Credit Union: Williamstown, MA. “Online advantage money market account” yielding up to 1.97% APY. This money market account is set up in six tiers based on minimum balance amount. The tiers are as follows, if you maintain a balance of under $2,500 you will earn 1.01% APY, if you maintain a balance of between $2,500 and $24,999 you will earn 1.41% APY, if you maintain a balance of between $25,000 and $49,999 you will earn 1.51% APY, if you maintain a balance of between $50,000 and $99,999 you will earn 1.61% APY, if you maintain a balance of between $100k and $199,999 you will earn an APY of 1.77% and if your balance stays above $200k you will earn 1.97% APY. Membership in the Credit Union is open to anyone who lives, works, worships, attends school, or regularly conducts business in Berkshire County, Massachusetts OR anyone related to a current Member by blood, adoption or marriage is eligible to join Greylock, regardless of where she/he lives.  Eligibility also extends to unrelated persons who share a residence with a current member. Contact info: (413) 236-4000

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

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