Best MMA Still Beats 12-Month CD Rates

Looking short-term but don’t like the CD rates you see?

Consider a money market account offered by Evantage Bank, which clobbers the competition and also beats the best nationally available rates for 12-month CDs and savings accounts.

Evantage, the online division of Southwest State Bank in Sentinel, Okla., pays 1.75% APY on its Mega Money Market Account for balances up to $35,000. For balances above that, the rate drops to 1.0% APY.

There’s no minimum balance and no monthly maintenance fees.

That rate puts it well above the 1.41% APY offered for savings accounts by SFGI Direct of Moorefield, W.Va., as well as the 1.41% offered by Melrose Credit Union of New York, the leader in 12-month CD rates.

Of course, unlike with CDs, the rates on all MMAs are variable.

The next best rates are:

1.25% from AmTrust Direct, the online division of AmTrust Bank of Cleveland. It applies to balances of $10,000 to $149,999. A balance above or below those limits earns 0.50% APY. You need a minimum $500 deposit to open the account.

1.11% APY from Flagstar Bank of Troy, Mich. It requires no minimum balance to open the account or earn that rate.

1.11% APY from Zions Bank in Salt Lake City. You need a $2,500 minimum deposit to open the account and get that rate.

1.10% APY from Discover Bank of Greenwood, Del., an online bank owned by the credit card company. It applies to balances of $10,000 to $99,999. Balances above $100,000 earn 1.15% APY, while balances from $2,500 to $9,999 earn 1.0% APY. You need a $2,500 minimum deposit to open the account, and you need to keep that much on hand to avoid fees.

1.10% APY from First Internet Bank of Indiana, an online bank based in Indianapolis. You need $100 to open the account, and fees are $5 a month unless you maintain a $4,000 minimum balance.

1.10% APY from Nationwide Bank, an online bank owned by Nationwide Mutual Insurance Co. and its affiliates. You need a $1,000 minimum deposit to open the account, and if you maintain that amount in the account, you avoid $8 monthly fees.