bank rates

A Few Cuts Among Money Market Accounts

Money falling out of the skyThere’s been some rate movement over the past month when it comes to the best nationally available money market accounts.

But those changes have occurred only among the banks well behind the rate leader in this type of account.

EverBank (www.everbank.com) continues to offer the best nationally available deal, which pays a guaranteed 1.25% APY for the first six months after you open an account.

Since the beginning of April, we’ve seen small cuts from both Incrediblebank and Sallie Mae Bank. Both of those institutions pay less than 1% APY on MMAs.

The EverBank offer is good on balances up to $50,000 for its Yield Pledge Money Market. Balance portions greater than $50,000 earn 0.76% APY.

When the six-month guarantee ends, the rate dips to the standard MMA rate, which currently is 0.76% APY.

It takes a minimum deposit of $1,500 to open a Yield Pledge MMA, but you’re better off keeping at least $5,000 in the account or you’ll pay an $8.95 monthly fee.

EverBank is based in Jacksonville, Fla., and has 14 branches around the state.

Five other online banks pay at least 1.05% APY.

You can earn 1.10% APY from three Oklahoma banks owned by the same family.

Evantage Bank (www.evantagebank.com), AmericaNet Bank (www.americanetbank.com) and Redneck Bank (www.redneckbank.com) are paying that rate on their Mega Money Market accounts.

The rate applies to balances to $35,000. Greater balance portions earn 0.50% APY. There are no minimum balance requirements to open these accounts and earn interest, and you won’t be charged a monthly fee.

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.

Two banks pay 1.05% APY.

AmTrust Direct (www.amtrustdirect.com) pays that rate on balances of at least $5,000. Lower balances earn 0.25% APY. You need to make a minimum deposit of $5,000 to open the account. AmTrust Direct is a division of New York Community Bank.

Citizens State Bank Direct (www.csbdirect.com) pays 1.05% APY on balances of at least $10,000. Lower balances earn 0.50% APY. You need to make a deposit of at least $2,500 to open an account. The bank is the online division of Citizens State Bank, located in Perry, Fla.

Compare these offers to the best money market and savings account rates offered by scores of banks in our database.

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