bank rates

EBSBDirect 2.81% Money Market Account

The online division of East Boston Savings Bank, is paying a whopping 2.81% APY on its money market account.

That’s more than twice the national average of 1.36% for MMAs, and a whopping six-tenths of a point more than the best money market accounts were paying in our last survey.

The catch?

That rate is only available with a balance of $50,000 or more of new money — which means you can’t transfer money from other EBSB accounts.

Don’t have that much sitting around? You’ll still earn a competitive 2.0% APY on balances over $5,000.

This deal is available nationwide and you can open an account online.

In addition, the interest rates are guaranteed until Sept. 30, 2009. No chance of signing up today and having your rate dropped tomorrow.

CNN's Lou DobbsCNN’s Lou Dobbs blows a gasket and starts talking about revolution when he hears that the average federal employee now earns twice as much as the average worker in private industry. Watch the clip on Bankaholic’s Personal Finance Blog, which you can always reach by clicking on the “finance” tab at the top of this page.

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Comments (4)
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4 Existing Comments
  1. Faith Heim said:
    on May 24th at 09:50 am

    Checked out web site on 5/24 and found no such offer.

  2. Sam said:
    on May 24th at 10:16 am

    It’s there and it is a great deal. Almost like a guaranteed 4 month CD. Thanks for the info

  3. Mark said:
    on May 26th at 05:02 pm

    The APY is 2.62% today (5/26/09) at their website

  4. BeKind said:
    on May 27th at 09:24 am

    Too bad I didn’t open the account last week, I wonder if they guaranteed that rate for those who did open prior to 5/26.