bank rates

Banks Boost MMA Rate To 1.10% Today

Three Oklahoma banks give you an extra something to be thankful about today — higher money market account rates.

For weeks, Evantage Bank, AmericaNet Bank and Redneck Bank have been announcing on their websites that they’re boosting their MMA rates on Thanksgiving Day from 1.00% APY to 1.10% APY.

The change will mean the banks will be offering the second-best money market rates available nationwide.

EverBank (www.everbank.com) has been in the top spot for months, with a guaranteed rate of 1.25% APY for six months.

Evantage, Redneck Bank and AmericaNet Bank are all owned by an Oklahoma banking family and were longtime leaders in national rewards checking accounts, before declaring the accounts “sold out.”

They’ve periodically accepted new rewards checking customers and then reinstated the moratorium on new accounts.

Given that pattern, you’d be wise to open a new Mega Money Market account with any of the three banks sooner rather than later.

The MMAs have no minimum balance requirements to open an account and carry no monthly fees. You’ll earn 1.10% APY on balances to $35,000. Any money you have in your account above that amount earns 0.50% APY.

Evantage Bank (www.evantagebank.com) is the online division of Southwest State Bank in Sentinel, Okla.

Redneck Bank (www.redneckbank.com) is the online division of Bank of the Wichitas in Snyder, Okla.

AmericaNet Bank (www.americanetbank.com) is the online division of All America Bank in Mustang, Okla.

Unlike EverBank, there’s no guarantee how long the 1.10% APY will be in effect.

If you prefer a Yield Pledge Money Market from EverBank, you’ll earn 1.25% APY for six months, and then the rate drops to that of a standard MMA, which currently is 0.76% APY. You’ll earn the top rate on balances to $50,000. Balances above that amount earns 0.76% APY.

While you can open an EverBank account with a $1,500 minimum deposit, if you don’t keep at least $5,000 in your account you’ll pay a monthly fee of $8.95.

The bank is based in Jacksonville, Fla., and has 14 branches in the state.

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