Seacoast Commerce Bank’s Money Market Account: 2.05% APY

Here is a decent money market rate which just came in to our inbox. This MMA comes from Seacoast Commerce Bank of San Diego, California and is yielding a very respectable 2.05% APY on balances of $25,000 or greater. If you plan on keeping less than $25k in this money market account then your yields will sit at 1.05% APY. You will also encounter a $25.00 monthly fee when/if your account drops below the $25k mark, so unless you have that type of cash on hand, I would opt for another account. Compare money market rates.

Money Market Account through Seacoast Commerce Bank Terms and Conditions:

This account is available nationwide. The interest rate paid is a variable one and can change at anytime without notice. The rate is compounded daily and credited monthly.The rate is 2.05% APY while the national average for money market accounts sits at roughly 1.30% APY.

Side Note Regarding Minimum Balance:

I would strongly suggest taking another route if you believe that there may be a possibility of having less than $25,000 occupy this account at anytime. The $25.00 monthly fee they impose for short accounts will drastically eat into your earnings.

For example, say you are $1.00 short and have $24,999 in this account. The monthly interest earned would only be $22.00 (1.05% APY applied to balances less than $25k). Therefor you would actually be losing $3 every month.

24,999 x (0.0105) = $262.00 interest paid per year at 1.05% APY

$262.00/12 months in a year = $21.87 interest paid per month on a balance of $24,999. (plus $25 fee)