bank rates

For Now, Top MMAs Pay More Than Best Nationally Available Savings Accounts

You'll earn 1.15% APY with the best deals.For the first time in months, the best nationally available money market accounts pay more than savings accounts.

Not that there’s much to boast about when it comes to interest rates.

AmTrust Direct and My Banking Direct both pay 1.15% APY.

That’s one-tenth of a percentage point more than the best nationally available savings deal.

The shift came when UFB Direct ( cut the rate on its Airline Rewards Savings Account twice in January, pushing it down to 1.05% APY.

The savings account launched in August paying 1.30% APY, which catapulted it above the MMA leaders.

Since August, rates at AmTrust Direct ( and My Banking Direct ( have nudged down from 1.25% APY to 1.15% APY.

Both online banks are divisions of New York Community Bank, and both require a $5,000 minimum deposit to open an account. If your balance at either bank dips below $5,000, you’ll earn 0.25% APY.

New York Community Bank has more than 200 brick-and-mortar branches in New York, New Jersey, Florida, Ohio and Arizona.

Incrediblebank ( is the only other place where you can earn more than 1.00% APY on MMAs these days.

Incrediblebank, which is the online division of River Valley Bank of Rothschild, Wis., pays 1.10% APY on balances between $2,500 and $249,999. Balances of $250,000 and higher earn 0.60% APY. You need to make a $2,500 minimum deposit to open an account.

If you don’t have that much money to set aside, it only takes $100 to open a savings account at UFB Direct, and you receive free airline miles. UFB Direct is a division of BofI Federal Bank, headquartered in San Diego.

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

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Comments (5)
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5 Existing Comments
  1. Kathy at Bankaholic said:
    on February 9th at 09:53 am

    UFB Direct has cut its savings rate again, to .95% APY.

  2. Kathy at Bankaholic said:
    on February 21st at 07:24 am

    UFB Direct has cut its rate again — to 0.90% APY, and Incrediblebank now pays 1.05% on balances of $2,500 to $249,999.

  3. Kathy at Bankaholic said:
    on February 23rd at 10:46 am

    UFB Direct’s savings rate keeps dropping — now it’s 0.85% APY.

  4. Bob said:
    on February 23rd at 05:09 pm

    After opening an account at, I was told by customer service that any outgoing ACH transfer would incur a service charge. I can’t believe it; you need to pay the bank to get your money out? What a joke!

  5. Kathy at Bankaholic said:
    on March 5th at 09:59 am

    You can still get Amtrust Direct’s and My Banking Direct’s rates.