bank rates

Another MMA Pushes Returns Above 1%

Money market rates are slowly starting to gain ground, with a third bank now paying more than 1.00% APY – something we haven’t seen in almost a year.

ableBanking (www.ablebanking.com) has recently joined the leaders, paying 1.02% on its MMAs.

It’s a trend we’re also seeing in savings accounts, with five banks now paying at least 1.00% APY.

When it comes to MMAs, EverBank continues to have a lock on the top spot for nationally available money market accounts.

The Jacksonville, Florida-based bank is paying 1.40% APY for its Yield Pledge MMA and guaranteeing the rate for six months after you open your account.

EverBank, which is primarily an online bank (www.everbank.com) but has 13 branches in Florida, pays its best rate on balances up to $50,000. Higher balances earn 0.61% APY.

Once the six-month guarantee period is up, you’ll earn the standard MMA rate, which now is 0.61% APY.

You need a deposit of at least $1,500 to open an MMA with EverBank, but you don’t need to keep that much in your account to earn interest and you pay no monthly service fees.

Besides EverBank, you’ll find the best MMA rates at:

CSBdirect (www.csbdirect.com), which is paying 1.06% APY on balances between $10,000 and $249,999 with its Internet Money Market. Balances of $2,500 to $9,999 earn 0.75% APY. You’ll need to deposit at least $2,500 to open an account, and if your balance falls below that amount, you’ll be charged a $10 monthly service fee. CSBdirect is the online division of Citizens State Bank, based in Perry, Florida. The bank has four branches in North Florida.

ableBanking, which is paying 1.02% APY for its Money Market Savings accounts. The bank only requires a $250 minimum deposit to open an account, and your entire balance earns 1.02% APY. There are no monthly fees. If you’re a new customer, the bank will also donate $25 to a nonprofit of your choice. ableBanking is a division of Northeast Bank, with 13 branches in Maine and one in New Hampshire.

To qualify for our rankings a bank must accept deposits from all savers, regardless of where they live.

Search our extensive database to compare these rates with the best money market and savings account rates offered by scores of banks in your area.

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