The New York City-based bank has raised the return on its MMAs from 1.00% to 1.10% APY and is guaranteeing the rate for a year.
That puts it on a par with the best nationally available deals from EverBank, which is paying 1.11% APY over the course of a year, as well as The Dime Savings Bank of Williamsburgh and iGobanking, which are also paying 1.10% APY.
Amalgamated was founded and continues to be primarily owned by labor unions and operates 17 branches, mostly in the New York area. But there is an office in Pasadena, California, and another in Washington, D.C.
Its MMAs can be opened online with no minimum deposit or balance requirements to worry about. You earn the top rate on your entire account, up to $1 million, with no monthly fees.
After the first year, the bank says your rate will drop to 0.10% to 0.20% APY, depending on your balance.
But with the Federal Reserve poised to start pushing interest rates higher by December, who knows what savings and money market accounts will be paying next October?
Take the best return you can right now and worry about next fall, next fall.