bank rates

Beware This Impending MMA Rate Cut

$5 bill folded into a paper airplane headed downEarlier this month, we pointed out that a trio of Oklahoma banks has offered the same top money market account rate all year. Since November 2012, in fact.

Well, that’s all about to change, but at least you’ve been warned ahead of time.

Instead of waking up and discovering that in the middle of the night your financial institution slashed the rate on your MMA, these banks have posted a notice on their websites, warning customers that rates will drop from 1.10% APY to 0.90% APY on Sept. 19.

That still ranks these banks among the top nationally available accounts.

Evantage Bank (www.evantagebank.com), AmericaNet Bank (www.americanetbank.com) and Redneck Bank (www.redneckbank.com) have tied for the best nationally available deal with EverBank (www.everbank.com), which cut its rates from 1.25% APY to 1.10% APY in June.

Evantage Bank, AmericaNet Bank and Redneck Bank are all owned by the same Oklahoma banking family.

With the change, you’ll be able to earn 0.90% APY on balances to $35,000. Higher balance portions will continue to earn 0.50% APY. The accounts have no minimum balance requirements and no monthly fees.

Evantage Bank is the online division of Southwest State Bank in Sentinel, Okla.; Redneck Bank is the online division of Bank of the Wichitas in Snyder, Okla.; and AmericaNet Bank is the online division of All America Bank in Mustang, Okla.

With the upcoming change at the Oklahoma banks, an EverBank Yield Pledge MMA is appealing because the rate is locked in for six months and applies to balances up to $50,000.

Following the six-month period, you’ll receive EverBank’s standard MMA rate, which today is 0.61% APY. Balances above $50,000 earn 0.61% APY.

You need to make a deposit of at least $1,500 to open a Yield Pledge MMA at the Jacksonville, Fla.-based bank, but you don’t need to keep a certain amount in the account to earn interest. The account has no fees.

But, assuming these three banks won’t cut rates further for some time, there’s little difference between what EverBank offers and what you’ll earn from these banks over time.

In other words, if you have your money tied up in Evantage, AmericaNet or Redneck, there’s no need to fret.

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