bank rates

4 Good Money Market Accounts

Glass jar filled with coinsFor some time, money market accounts have been a better option for parking your short-term cash instead of savings accounts and CDs.

That remains the case today.

There are four good options available that all pay 1.10% APY. That’s two-tenths of a percentage point more than the top savings account. The best MMAs also pay more than the top nationally available 3-, 6- and 12-month CDs.

Chart showing top MMA, Savings and 12-month CD rates over the last year.

Three of the banks paying the best rate — Evantage Bank (www.evantagebank.com), AmericaNet Bank (www.americanetbank.com) and Redneck Bank (www.redneckbank.com) — are owned by an Oklahoma banking family, while the fourth is EverBank (www.everbank.com), based in Jacksonville, Fla.

EverBank was the longtime leader in our MMA rankings before cutting the rate on its Yield Pledge MMA from 1.25% APY to 1.10% APY last month.

Even with the cut, EverBank has continued to guarantee its rate for the first six months after you open an account. After six months, the rate will fall from 1.10% APY to the standard MMA rate, which today is 0.61% APY.

The three online banks don’t have a similar guarantee, although rates have remained unchanged since November 2012.

At EverBank, the top rate applies to balances up to $50,000. If you have more in your account you’ll earn the standard rate for that portion of your balance. You need to make a deposit of at least $1,500 to open an account, but you don’t need to keep a certain amount in your account in order to earn interest. The account has no maintenance fees.

With Evantage Bank, Redneck Bank and AmericaNet Bank, the highest rate on their Mega Money Market accounts applies to balances up to $35,000. Any portion of the balance that exceeds that cap earns 0.50% APY. You don’t need to deposit a minimum amount to open an account, and you don’t pay any monthly fees.

Evantage Bank is the online division of Southwest State Bank in Sentinel, Okla.; Redneck Bank is the online division of Bank of the Wichitas in Snyder, Okla.; and AmericaNet Bank is the online division of All America Bank in Mustang, Okla.

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

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