Below are the highest yielding money market account rates serving citizens of the state of Rhode Island.
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 Rhode Island, we have found that in many instances you will lock in more competitive rates with national institutions rather than local ones (if you are eligible). Before committing to one of the banks/credit unions listed below, you may want to browse through our national money market rates tables.
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 Rhode Island:
(click on the institution for more information)
- Freedom National Bank: Greenville, RI. Money market account yielding 1.01% APY with a minimum balance of $2,500. They also have a farily noteworthy high yield savings account providing an interest rate of 1.25% with a minimum deposit of $100,000 required. Freedom National Bank is a community bank of Norther Rhode Island and offers a wide range of savings and loan products. They also specialize in business products (loans, savings accounts and consulting). They have one branch in Greenville and one in Cumberland. Contact: (401) 333-3666
- Coventy Credit Union: Coventy, RI. Money market account yielding up to 1.45% APY depending on your balance. This account is set up in 4 tiers. The first yields 0.90% APY and requires a balance of between $2,500 and $24,999. The second yields 1.10% APY and requires a balance of between $25,000 and $49,999. The third yields 1.25% APY and requires a balance of between $50k and $75k and the last provides 1.45% APY to balances above $75,000. They also have a few “special CD rates” for 7 month, 9 month and 24 month terms. Although Coventy Credit Union is a small member-owned financial institution, they accept membership from customers throughout the country. You must first open a “share savings account.” Contact: (401) 397-1900
Both of the above institutions are federally insured by either the NCUA or FDIC. If you live in Rhode Island and know of a better money market rate offered through your local institution, please share by leaving a comment.