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Big Payday On New Orleans MMA

silver calculatorThe Big Easy has a big money market account deal.

First NBC Bank pays 1.25% APY for its MMAs on balances of $10,000 to $249,999. The rate is 0.15% APY higher than the best nationally available accounts, and it applies to much larger balances.

You’ll earn even more with jumbo deposits.

First NBC, based in New Orleans, pays a tiered rate on its Premier Investment Money Market Account. You need to make a minimum deposit of $5,000 to open the account and must keep that much in the account to earn interest.

If you keep less than $10,000 in the account, you’ll earn 0.75% APY. For the next tier — from $10,000 to $249,999 — you’ll earn 1.25% APY.

Higher balances pay even more — 1.38% APY for balances up to $999,999 and 1.51% APY above that.

The best MMA rate available nationwide is 1.10% APY.

Three Oklahoma banks paying that rate — Evantage Bank (www.evantagebank.com), AmericaNet Bank (www.americanetbank.com) and Redneck Bank (www.redneckbank.com) — cap that rate at balances to $35,000. Higher balance portions earn 0.50% APY.

Florida-based EverBank (www.everbank.com) pays 1.10% APY on balances to $50,000 for six months. Larger amounts earn 0.61% APY.

First NBC’s Premier Investment MMA doesn’t charge any monthly fees, regardless of how small your balance is.

The bank opened in the wake of Hurricane Katrina and now has more than 30 branches in the New Orleans area. You’ll need to stop by one of those locations to open an MMA.

For more information, visit www.firstnbcbank.com or call 866-441-5552.

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