bank rates

Florida Deal: MMA Pays 1.25%

Smiling woman holding a small, pink piggy bank in her left handResidents in nearly four dozen Florida counties can open a money market account at City County Credit Union that pays 1.25% APY – well above the highest rate available nationally.

The best nationally available offer comes from EverBank, which pays 1.10% APY, guaranteed for six months.

If you want to open a High Yield Accumulation Account at City County Credit Union, based in Margate, you’ll find there’s no minimum balance requirement to open an account.

But you must have monthly automatic transfers into the account. You can transfer any amount from $10 to $500 per month. The account does not have any monthly service fees.

The maximum monthly deposit doesn’t make this account a good fit for savers with a large balance to transfer from another bank. But it is a good account for someone just starting to save.

If you close the MMA within 24 months, you’ll pay a $25 fee, and you aren’t able to withdraw any money from your account without closing it.

Anyone who lives or works in 43 counties around Florida, stretching from Jacksonville to Key West, can open an account at City County Credit Union.

If you don’t live in one of the counties the credit union serves, or you live outside Florida, your best option is to open an MMA with Jacksonville-based EverBank.

You’ll need to make a minimum deposit of $1,500 to open an EverBank MMA, but you don’t need to keep a certain amount in your account to earn interest. And you pay no monthly service fees.

City County Credit Union has eight locations in South Florida. If you live in another area of the state, you can apply for membership online and open a regular savings account for $5, which is required to join the credit union. But you must call the credit union if you want to open a High Yield Accumulation Account

For more information, visit www.citycountycu.org or call 800-230-0200.

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

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