bank rates

EverBank Continues Reign As MMA Champ

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If you’re looking to earn the highest return in the shortest amount of time, the Yield Pledge MMA from EverBank continues to trump all other money market and savings accounts.

For the fourth straight month, it’s paying 1.40% APY – a rate no other nationally available savings product comes close to matching. And EverBank continues to guarantee its rate for six months.

The next-best money market deal is at CSB Direct (, where you’ll earn 1.05% APY. (CSB Direct also holds first place among savings accounts, with a rate of 1.06% APY.)

Although Jacksonville-based EverBank has 13 Florida branches, it’s primarily an online bank ( It has been a standout for more than two years now, leading our rankings or tying for the lead over that entire time.

You’ll earn the best rate at EverBank with balances up to $50,000. If you keep more in your account, you’ll earn 0.61% APY. After the six-month bonus period ends, you’ll earn the standard MMA rate, which currently is 0.61% APY.

It takes a minimum deposit of $1,500 to open an EverBank MMA. However, you don’t need to keep a certain amount in your account to earn interest, and there are no monthly service fees.

Two other banks are paying more than 1.00% APY on their MMAs:

CSB Direct, where you can earn 1.05% APY on balances of $10,000 and higher. Lower balances earn lower rates with the Internet Money Market. It takes a minimum deposit of $2,500 to open an account. If your balance drops below that amount, you’ll pay a $10 monthly service fee. CSB Direct is the online division of Citizens State Bank, which is based in Perry, Florida, and has four branches in north Florida.

ableBanking (, which pays 1.02% APY on its Money Market Savings accounts. You only need to deposit $250 to open an account. Your entire balance earns interest, and you pay no monthly fees. If you’re a new customer, ableBanking will donate $25 to a nonprofit of your choice. It’s a division of Northeast Bank, with headquarters in Lewiston, Maine, and Boston, and 10 branches in Maine.

Of course, there might be a better local deal in your area. Search our database of the best money market and savings account rates at scores of banks and credit unions to find out.

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