bank rates

Best Money Market Accounts for August 2017

Money Market AccountsThe best money market account deals come from a pair of affiliated banks from Oklahoma, All America Bank and Redneck Bank. Both are paying 1.50% APY. But that rate is only paid on balances up to $35,000. Higher balances earn just 0.50% APY.

We have to note that this is the highest rate we’ve seen out of money market accounts in quite a while.

The next best money market account rate this month comes from ableBanking Direct, which is paying 1.30% APY with a $250 minimum to open.

While ableBanking Direct requires a $250 minimum deposit to open, there’s no minimum to earn the APY.

ableBanking Direct is a division of Northeast Bank and operates 10 traditional offices throughout seven counties in Maine. But an account can be opened by anyone willing to provide their Social Security number and their existing bank account and bank routing number.

Seven Other Banks Paying 1.10% APY or Better

Northern Bank Direct is offering 1.26% APY with a $25 minimum deposit. There’s no minimum to maintain the balance.

Everbank is paying 1.21% APY with the rate guaranteed for a year on its Yield Pledge MMA.

You’ll need to deposit at least $5,000 to open a Yield Pledge MMA, but you don’t need to keep that much in your account to earn interest. There are no monthly service fees. You’ll earn the top rate on balances to $250,000. Higher balances earn 0.71% APY.

EverBank has been offering a top-paying MMA for years.

My Banking Direct and My e-BAnC are offering 1.15% APY. My Banking Direct requires a minimum of $2,500, while My e-BAnC requires a minimum of $5,000.

Three banks on our list are paying 1.10% APY.

The Dime Community Bank is paying 1.10% APY, and you need to deposit at least a $1,000 to open a Dime Direct MMA, but you don’t need to keep a certain amount in your account to earn interest. There are no monthly service fees. Dime Community Bank has 25 locations in and around New York City.

iGoBanking is also paying 1.10% APY, but you need to deposit a steep $25,000 to open an account and earn interest. If your balance falls below that amount you’ll be charged a $15 monthly service fee.

iGObanking is the online division of Flushing Bank in Lake Success, New York, which has 18 locations in the New York City area.

Northeast Bank is offering 1.10% APY with a $2,500 minimum deposit and $5,000 minimum balance to earn the stated APY.

Keep in mind that banks can change money market rates whenever they like, and that includes lowering the payout, unless your return has been explicitly guaranteed for a certain period of time.

You can see how these rates stack up to the best money market and savings account rates offered by scores of banks in our database. In addition, this list of the best money market account rates is updated monthly, so check back often.

Money Market Leaders for August 2017

Bank APY Min Deposit Min Balance for APY
All America Bank 1.50%** $50 None
Redneck Bank 1.50%** $50 None
ableBanking Direct 1.30% $250 None
Northern Bank Direct 1.26% $25 None
EverBank 1.21% $5,000 None
My Banking Direct 1.15% $2,500 $5,000
My e-BAnC 1.15% $5,000 $5,000
iGObanking 1.10% $25,000 $25,000
Northeast Bank 1.10% $2,500 $5,000
Dime Community Bank 1.10% $1,000 None

** All America and Redneck banks limit their rate of 1.50% APY to the first $35,000. Balances greater than that earn 0.50% APY.

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