Below are the highest yielding money market account rates serving citizens of the state of Michigan.
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 Michigan 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. Compare money market accounts nationwide to find the optimal account for you.
Top 2 money market rates in Michigan:
(click on the institution for more information)
- Wings Financial Federal Credit Union: Romulus, MI. Money market account yielding between 1.92% APY and 2.22% APY depending upon your minimum balance amount. This MMA is set up in three tiers, the first requires a minimum balance between $5000 and $49,999 and yields 1.92% APY. The second requires a balance of between $50k and $99,999 and yields 2.07% APY. The highest tier requires a balance of at least $100k and provides a yield of 2.22% APY. Membership is available to most people employed in, retired from, or whose job directly supports the air transportation of people or cargo, immediate family members of persons engaged in such activities, and family members (including household relationships) of a current credit union member.
- Family Financial Credit Union: Muskegon, MI. Money market account yielding 1.87% APY with a minimum balance requirement of $10,000. Unlike Wings Financial Credit Union, FFCU has geographical requirements which must be met for membership. Membership is open to the community. Anyone who lives, works, worships or attends school in Muskegon, Ottawa, Oceana, Mason or Newaygo County. They have three primary locations. One in Hart, Michigan, one two in Muskegon, Michigan. Employees of the Sealed Power Company started the credit union in 1942 as the Sealed Power Employees Credit Union. Initially the credit union served just the employees of Sealed Power, but over the years membership was made available to relatives of members. Additional groups were added through mergers with Muskegon Printing, Industrial Employees Credit Union, Oceana Schools Employees Credit Union and West Michigan Steel Employees Federal Credit Union.
Both of the above institutions are federally insured by the NCUA (FDIC equivilent for credit unions). If you live in the state of Michigan and know of a better money market account rate offered through your local bank or credit union, please share by leaving a comment.