Highest Money Market Rates


Money market accounts offer some of the best bank rates available on deposit accounts and are an excellent place to park cash.  A money market deposit account is an account that earns interest at a variable rate set by the bank and limits the customer to a specific number of transactions within a stated time period. If you need the ability to occasionally write a check from your savings, a money market  account may better suited for your purposes than a savings account or a CD.  On the other hand, an online checking account is usually better suited to be the bank account that you pay your monthly bills from. Some of the best money market account rates are offered from online banks. This is fortunate for savers who care about the environment.  Savers can earn a higher interest rate than their local bank offers, as well as bank eco-friendly and help the environment. Green Bank Report is listing the  highest yielding FDIC-insured money market accounts as ranked by APY:


Highest Bank Money Market Rates


  • AmericaNet Bank, 1.50% APY, rate valid up to balances of $35,000, $0 minimum balance, link
  • Evantage Bank, 1.50% APY, rate valid on balances up to $35,000, $0 minimum balance, Oklahoma residents only, link
  • EverBank, 1.26%, APY, 3-month intro-APY for new accounts applies to balances up to $50,000, $1,500 minimum opening deposit, link
  • Regal Bank, 1.26% APY, minimum daily balance to earn APY is $500, New-Jersey residents only, link
  • Seacoast Commerce Bank, 1.25% APY, minimum daily balance to earn highest rate is $50,000, $25 balance needed to avoid fees, link
  • Incredible Bank, 1.25% APY, rate valid on balances between $100,000 – $250,000, link
  • Bank of Evansville, 1.25% APY, $2,500 minimum deposit, link
  • Incredible Bank, 1.15% APY, rate valid on balances between $100,000 – $250,000, link
  • Flagstar Bank, 1.11% APY, $1 minimum deposit, link
  • Sterling National Bank, 1.11% APY, $2,500 minimum deposit, $150,000 maximum initial deposit, link
  • Quantum National Bank, 1.10% APY, $100,000 minimum deposit, Georgia-residents only,  link
  • EverBank, 1.07%, APY, $1,500 minimum deposit, $5,000 monthly balance needed to avoid fees, link
  • Union Federal Savings Bank, 1.05% APY, $1 minimum deposit, link
  • Excel National Bank 1.05% APY, $100,000 minimum deposit, link
  • Hudson City Savings Bank, 1.05% APY, $2,500 minimum deposit, link
  • AIG Bank, 1.05%, APY, $0 minimum deposit, tiered rates apply, APY quoted applies to balances over $100,000, link
  • Discover Bank, 1.05%, APY, $500 minimum deposit, link
  • Nationwide Bank, 1.05% APY, $1,000 minimum, link
  • OneWest Bank, 1.00% APY, balance to earn APY $10,000, minimum opening balance $1,000, link
  • BankOn, 1.01% APY, $25 bonus for new accounts, $0 minimum balance,  link
  • Zions Bank, 1.01% APY, $1,000 minimum, link
  • First Internet Bank of Indiana, 1.00%, APY, $1 minimum deposit, link
  • Ally Bank, 1.00%, APY, $0 minimum deposit, link
  • AIG Bank, 1.00%, APY, $0 minimum deposit, rate applies for balances over $10,000, link
  • California First National Bank, 0.98% APY, $5,000 minimum deposit, link
  • Goldwater Bank, 0.97% APY, $10,000 minimum deposit, APY valid up to $99,999,  link
  • Dollar Savings Direct, 0.90%, APY, $1,000 minimum deposit, link
  • Giantbank.com, 0.85%, APY, $1 minimum deposit, link
  • Mutual Federal Bank, 0.75% APY, $2,500 deposit to earn APY, $200 deposit to avoid fees, link
  • Capital One Bank 0.75% APY, $.01 minimum deposit, link
  • Stonebridge Bank, 0.75%, APY, $1,000 minimum deposit, link


Account service fees may apply if balance falls below a required minimum balance can apply. Check with individual bank for more information regarding their  policies and fees. Banks listed are insured by the FDIC up to $250,000 per depositor.



Forecast for Money Market Rates


Money market rates were mixed this week with several banks adjusting their rates by a few points. EverBank’s intro-APY offer rate has dropped which may subdue the best money market rates from increasing past 2.00% until the summer. By the end of 2011, the best money market rates are forecast to be back closer to 1.80% – 2.00%.



CD rates and bank deposit rates

 

 

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  1. [...] Ally Bank will be very beneficial. A bump up to over 2% is likely. If you kept your money in the highest yielding money market account, you would have to hope that rates on money markets exceed 3% for year 2 of the Ally Bank CD just [...]

  2. [...] many of the highest online bank money market rates are actually higher than the best 90-day and 180-day CD rates. The trick is you have to keep up [...]

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