bank rates

EverBank Boosts Promotional MMA Rate

EverBank logoFor the first time in a year, EverBank has changed the promotional rate for customers opening a new money market account.

Good news: That 6-month guaranteed rate has increased from 1.10% APY to 1.40% APY.

That’s easily the best yield on a nationally available money market account we’ve seen in years, tempered only by the fact that you’ll earn far less in interest after the first six months. When the introductory period ends, you’ll earn this Florida-based bank’s standard rate, which currently is 0.61% APY.

That’s well below the standard rates of EverBank’s competitors. For this reason, we recommend you treat this account as a 6-month CD you don’t plan to roll over.

The yield is favorable when comparing this MMA to a short-term CD. The best nationally available 6-month offer on our CD Rates Leaderboard pays just 0.87% APY.

It takes a minimum deposit of $1,500 to open an MMA with EverBank, based in Jacksonville, Fla.

But there’s no minimum balance needed to earn interest, and the account has no monthly service fees. Any balance portion above $50,000 earns the standard MMA rate of 0.61% APY.

EverBank says the account will earn a blended interest rate of 1.01% APY during the first year, combining the 6-month guaranteed rate with the standard rate. This blended yield total assumes its standard rate doesn’t change.

If the rate holds, this offer tops even the second-best nationally available account, offered by IncredibleBank (www.incrediblebank.com).

This online division of Wisconsin-based River Valley Bank pays 0.95% APY on MMAs with balances to $249,999.

IncredibleBank requires a $2,500 minimum deposit at account opening, but there is no minimum balance required to earn interest. You will, however, pay a $10 monthly service fee if your balance drops below $2,500.

River Valley Bank has 13 locations in Wisconsin and Michigan.

EverBank is primarily an online bank, but it also has 13 locations around Florida. It also offers a 6-month, 1.40% APY guarantee on its checking account. The standard rate on that account is 0.30% APY on balances of less than $10,000.

For more information, visit everbank.com or call 888-882-3837.

Compare these rates with the best money market and savings account rates offered by scores of banks in our database.

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