bank rates

EverBank Continues Its MMA Reign

hand reaching for pile of moneyOther top money market accounts have come and gone, but EverBank has stayed the course for six months with its 1.25% APY offer.

The Yield Pledge Money Market promises to pay 1.25% APY for the first six months after the account is opened. After that time, the rate falls to the standard MMA rate, which also has held steady at 0.76% APY.

The top rate is good on balances to $50,000. Anything above that earns the 0.76% APY.

If you see this as a short-term investment, it pays well more than the best six-month deal on our CD Rates Leaderboard.

While you can open an account with a minimum deposit of $1,500, unless you keep $5,000 in your MMA, you’ll pay an $8.95 monthly fee.

EverBank primarily operates online, but the Jacksonville, Fla.-based bank has 14 branches in that state.

Along with EverBank, you’ve got plenty of other choices among banks that pay more than 1.00% APY on MMAs.

A trio of Oklahoma banks — Evantage Bank (, AmericaNet Bank ( and Redneck Bank ( — pay 1.10% APY on balances to $35,000. All are owned by an Oklahoma banking family and have the same terms on their Mega Money Market accounts.

There are no minimum balance requirements to open an account and the accounts have no fees. Balance portions greater than $35,000 earn 0.50% APY.

Evantage Bank is the 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.

And five banks pay 1.05% APY.

Sallie Mae Bank ( has no minimum deposit requirement and no fees. The bank, based in Salt Lake City, is owned by the student loan company.

With Union Federal Savings Bank (, you need to make a $2,500 minimum deposit to open an MMA, but there is no minimum balance required to earn interest. The account has no fees. Union Federal Savings Bank began as a community bank in North Providence, R.I., but now is an online bank.

Incredible Bank ( also has a $2,500 minimum deposit requirement to open an account. You’ll need to keep $2,500 in your account or else you’ll pay a $10 monthly fee. The best rate is good on balances to $250,000. Higher balances earn 0.45% APY. It’s the online division of River Valley Bank of Rothschild, Wis.

My Banking Direct ( requires a $5,000 minimum deposit to open an MMA and to earn the top rate. Lower balances earn 0.25% APY. My Banking Direct is a division of New York Community Bank.

AmTrust Direct ( also is a division of New York Community Bank and has the same requirements as My Banking Direct.

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

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