We just got word of some exceptional money market rates for those of you looking to keep a large chunk of change in a liquid FDIC insured investment.
Currently with a “Premium Plus Money Market Account” from Huntington Bank you’ll earn a nice 1.25% APY on balances above $20,000 (and all the way up to $2 million). The only catch is that you’ll also need to open one of their checking accounts and maintain a $1,500 balance. The checking account, unfortunately, garners little in the way of APY, so you may want to factor that in to your overall projected earnings with the MMA.
Huntington Bank, while based out of Ohio, opens it’s doors to consumers across the country excluding only residents in California and Massachusetts. They have over 600 branches in the United States with a large number of them in the mid-west and east (Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia).
Compare this offer with some of the top yielding money market accounts from our database of nationwide institutions and you’ll see that it beats most of them on interest rate by roughly 25% (the top institution available nationally and online pay just 1.00% APY but come with no minimum balance requirements and requires no additional accounts with the institution).
To put this offer in further perspective, the national average for money market rates on balances above $25k sits at roughly 0.80% APY. The national average for money market accounts with balances of $0-$10k and $10k-$20k sit at roughly 0.55% APY and 0.63% APY, respectively.