Highest yielding money market account rates in North Carolina

August 25, 2009 No Comments »

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

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.

If you browse through our archive of money market account rates, you will see MMA’s are yielding a lot less than they were this time last year. In fact, the national average for money market rates sits at roughly 1.20% APY currently – this number was well above 3.0% APY during the summer of 2008.

Below I have listed the top 2 banks and/or credit unions serving the state of North Carolina which are offering the best returns on their money market accounts. Keep in mind, you may receive higher rates from larger national banks whom serve the whole country rather than a specific region.

Top 2 Money Market Account Rates in North Carolina:

(clicking on the institution will bring you to their home page)

  • State Employees Credit Union: Zebulon, NC. Money market account yielding 2.02% APY with a very modest minimum balance of only $250. The national average for money market rates sits at roughly 1.20% APY, making this is a pretty lucrative offer in comparison. You may encounter a service charge if your balance falls below the $250 mark. The dividends on this account are compounded daily and paid monthly. Like many credit unions, this one comes with some pretty exclusive eligibility requirements. You may join if you fit into the following categories…
  1. Employees of the State of North Carolina and Federal employees working in conjunction with State departments
  2. Employees of Public Boards of Education
  3. Employees of associations formed for the benefit of State employees, such as State Employees’ Association of North Carolina, N.C. Association of Educators, State Employees’ Credit Union, and non-remarried spouses of persons who died while in the field of membership of the Credit Union
  4. Persons retired from the above employment as pensioners and/or annuitants from the above employment or services
  5. Persons in the immediate family of current Credit Union members (defined as spouses, parents, children, and siblings of a member), persons living in the same residence maintaining a single economic unit with a member, and organizations of such persons
  6. Employees of agencies or departments whose employees are subject to the State Personnel Act
    Employees of county, municipal, and related government units (excluding employees of county departments of Social Services, Health, Mental Health, and Civil Defense) who currently have a Credit Union chartered by North Carolina or the Federal Government and who are included in that field of membership are not eligible for membership in the State Employees’ Credit Union
  7. All members of the North Carolina National Guard
  • Bank of Carolinas: Mocksville, NC. Money market account yielding 2.0% APY with a much higher minimum deposit of $10,000 to open. As with the MMA above, you may encounter fees if your account drops below the $10k mark. If you are looking for a high interest rate on a large sum of money, then you may wish to open their “rewards checking account” which yields a whopping 4.0% APY if you meet all the monthly requirements. To learn more about this, check out our interest checking page. The Bank of Carolinas has 10 locations throughout North Carolina. They operate in Advance, Asheboro, Cleveland, Concord, Harrisburg, King, Landis, Lexington, Mocksville, and Winston-Salem.

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

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