The highest yielding money market account rates for New York based residents in 2012 aren’t much different than what consumers can lock in nationally so far this year.
Depending on which state you reside, you can sometimes lock in higher rates from local credit unions or community based banks, but with New York’s local institutions not much is extraordinary.
If you do reside in NY and are looking to open a money market account secured by either the FDIC or NCUA, if opting for a credit union, we’ve compiled the best options below for 2012.
Money Market Rates 2012 – New York Based Banking Institutions Only:
- Lomto Federal Credit Union (www.lomto.com) is currently offering the highest annual percentage yields on their personal money market rates of all locally based credit unions or banks in the state. As of the beginning of 2012, you can lock in a MMA featuring an interest rate of either 0.85% APY or 1.35% APY depending on which type of account you opt for. Their “share money market account” boasts the highest yield if you can manage to maintain a minimum balance of at least $10,000 and limit your withdrawals to just six per month. Lomto credit union was originally established in 1936 in the Bronx but moved to Manhattan in 1983 and then again to Queens in 2010 where they currently reside. They control roughly $200 million in assets and are a not-for-profit institution but only service a select group of residents. Contact them at (212) 947-3380.
- Solutions Credit Union (www.solutionscu.org) offers the second highest yielding MMAs, but their top rates are closer to the rates offered nationally with FDIC-insured online banks. Their minimum balance requirement is not listed on their website, however we’ve found out the highest interest rate offered on their money market account sits at 0.85% APY as of February, 2012. As with Lomto FCU (above), Solutions Credit Union limits their membership to those residing in Southport, Ashland, or Elmira, New York. If you fall into that subset of New Yorkers, then membership is simple. You’ll need to open a share savings account and fund it with $25.00 as well as stop by their office to sign a membership card.
- Greater Metro Federal Credit Union (www.greatermetrofcu.org) is featuring a personal money market account with interest rates between 0.65% APY and 0.85 APY depending on balance amount. Any amount over $50k will garner the 0.85% APY while anything between $5k and $50k will receive 0.75% APY. Membership eligibility for Greater Metro CU is limited to people/families tied to a select group of employers in the greater New York City area. Their employer list is comprised of both public and private entities. Visit their website for more information regarding membership.
Top Money Market Account Rates in 2012 Available Nationwide:
As of most of 2011 and all of 2012, there have been 3 online banks that have kept their APY’s amongst the best in the country.
1) Discover Bank features an APY of 0.90% on their personal money market accounts and online savings accounts. This account is available online.
2) Sallie Mae Bank also features an APY of 0.90% that is available nationwide. Previously known for student loans, Sallie Mae entered the banking and personal savings
3) Ally Bank features the third best APY of MMA’s available online and in every state. You can see their savings account rates along with updated offers from around the country in our database.