bank rates

3 Banks Now Own Top Money Market Rate

UFB Direct increased its money market rate.The picture continues to brighten for savers seeking a money market account, with three banks now offering the best nationally available deal of 1.25% APY.

UFB Direct has just bumped up its money market rate by a tenth of a percentage point, joining leaders TIAA Direct and EverBank, and making it easier to find an option that best fits your needs.

The downside to a UFB Direct money market account ( is the $5,000 minimum deposit requirement. You’ll also pay a $10 monthly fee if you don’t keep at least that much in your account.

The rate is good on balances to $250,000. Anything above that earns 0.25% APY.

UFB Direct is a division of BofI Federal Bank, located in San Diego.

If you don’t have a spare $5,000, you still have two other options. With TIAA Direct, you only need a $25 minimum deposit to open an account, and you’ll earn 1.25% APY on your entire balance.

That rate has been in place since the online bank launched in February. TIAA Direct ( is a division of TIAA-CREF Trust Co., the firm best known for providing retirement services to teachers.

And EverBank joined the party earlier this month with its Yield Pledge Money Market.

Unlike the other two offers of 1.25% APY, EverBank ( guarantees that rate for six months. But after six months, the rate falls to that of a standard MMA, which currently is 0.76%.

While it takes a $1,500 minimum deposit to open an account at EverBank, if you don’t keep $5,000 on hand, you’ll pay an $8.95 monthly fee. The rate is good on balances to $50,000. Any portion of your balance that exceeds that amount earns 0.76% APY.

EverBank is based in Jacksonville, Fla., and has 14 Florida locations, but it’s primarily an online bank.

Two other banks pay at least 1.00% APY.

My Banking Direct ( pays 1.15% APY. You need a $5,000 minimum deposit to open an account, and you must maintain that much in your account to earn the top rate. Balances below $5,000 earn 0.25% APY.

My Banking Direct is a division of New York Community Bank, with more than 200 branches in New York, New Jersey, Florida, Ohio and Arizona.

Acacia Federal Savings Bank ( pays up to 1.00% APY on its Tiered Money Market Account. You need at least a $1,000 deposit to open an account. Balances of $25,000 and above earn 1.00% APY. Balances below $10,000 earn 0.25% APY, and balances of $10,000 to $24,999 earn 0.50% APY.

Acacia Federal Savings Bank, based in Falls Church, Va., is a subsidiary of Acacia Life Insurance Co.

You can compare these rates of to the best money market and savings account rates offered by scores of banks in our database.

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Comments (1)
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One Existing Comment
  1. Kathy at Bankaholic said:
    on July 16th at 07:40 am

    My Banking Direct’s money market account now pays 1.05% APY. The other rates are all still available.