bank rates

EverBank Continues MMA Lead

EverBank logoFor the 10th month in a row, EverBank offers the best nationally available money market account.

Its 1.25% APY far outpaces its competitors.

Since it entered our rankings in June 2012, EverBank has offered a six-month guarantee on the rate of its Yield Pledge Money Market for balances up to $50,000. After the six-month period ends, the rate falls to the standard MMA rate, which has held steady at 0.76% APY.

Balance portions above $50,000 also earn 0.76% APY.

You can open a money market account by making a deposit of at least $1,500. But if you don’t keep at least $5,000 in the account, you’ll pay a monthly fee of $8.95.

The Jacksonville, Fla.-based bank has 14 branches around the state but is mainly an online bank (

The next-best rates are being offered by a trio of Oklahoma banks, which pay 1.10% APY.

Evantage Bank (, AmericaNet Bank ( and Redneck Bank ( are owned by an Oklahoma banking family.

Their best rate on their Mega Money Market accounts is good on balances to $35,000. Larger balance portions earn 0.50% APY. The accounts have no fees and no minimum balance requirements.

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.

Three banks pay 1.05% APY:

My Banking Direct ( and AmTrust Direct ( are both divisions of New York Community Bank and have the same terms. You need to make a minimum deposit of $5,000 to open an account and earn the best rate. Balances below $5,000 earn 0.25% APY.

CSBdirect ( pays its top rate on balances of at least $10,000. Balances below that earn 0.50% APY. It takes a $2,500 minimum deposit to open an account. The bank is the online division of Citizens State Bank in Perry, Fla.

You can compare these MMAs to the best money market and savings account rates offered by scores of banks in our database.

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Comments (1)
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One Existing Comment
  1. Stewart Starer said:
    on May 20th at 06:06 pm

    Do you want to get frustrated and exasperated. Try to register for an account with AmTrust. They want data to separate the crook from the customer but in the process they ask questions the customer may well not be able to answer and frankly they don’t care. I will need to consider another bank to put my 5 figure deposit. Boy am I displeased.