Who has the highest yielding money market accounts?
If anyone can find an MMA account yielding an APY of above 2.85% I would be thoroughly impressed, and I encourage you to share it by leaving a comment!
Currently the highest rates for money market accounts (which are nationally available) are as follows:
EBSB Direct Money Market: 2.80% APY - This one holds the number 1 spot, however it requires a minimum balance of at least $50,000 to earn the advertised rate.
After EBSB Direct the interest rates sort of fall off a cliff. The next best rates in which we have covered are as follows…
Redneck Bank: 2.00% APY - This MMA account used to yield a 3.10% APY last month but dipped its rate after the large amount of coverage it received. Most BankVibe readers deemed this rate to simply be a “teaser,” though their current yield still beats the national average by 0.50% APY.
Evantage Bank: 2.00% APY - This MMA account took an almost identical path to that of Redneck Bank. They opened their doors with an unheard of 3.10% APY then dropped it within weeks to a 2.00% APY. I was also informed by some BankVibe readers that some applications for this account were “frozen” until the rate was lowered.
Discover Bank: 2.00% APY - Discover Bank is probably one of the more consistent and reliable institutions as far as high interest rates and customer service are concerned. They stay consistently above the national average and do not alter their rates sporadically to draw in new business.
Thanks to all who submitted these noteworthy rates. If anyone else has insights into the above mentioned institutions, please share. Thanks!
May 23rd, 2009 at 1:00 am
What about Nationwide Bank at 2.15%.