bank rates

Incrediblebank Cuts Its MMA Rates

The bank no longer has the best nationally available deal.Incrediblebank has cut its money market account rates, dropping the online division of Wisconsin’s River Valley Bank from the top spot among nationally available deals.

The cut from 1.18% APY to 1.10% APY came on Wednesday as the months-long jockeying among three top-paying accounts continued.

AmTrust Direct and My Banking Direct once again have the top nationally available money market accounts, each paying 1.15% APY.

The back-and-forth among these three banks has been going on since August when Incrediblebank ( raised its rates, putting it in a three-way tie for first place.

Since then, the lead has swapped a couple of times as the three have each chipped away at their rates.

Now you again have two options to earn the best rate, although AmTrust Direct ( has made some changes since we last examined MMA rates.

You now need a $5,000 minimum deposit to open an account at AmTrust Direct, rather than the $500 previously required.

However, balances of $5,000 and above earn 1.15% APY. Before, you needed $10,000 in your account to earn the top rate. And balances below $5,000 earn 0.25% APY.

That puts it on par with My Banking Direct (, which continues to require at least a $5,000 deposit to open an account and pays 1.15% on balances of $5,000 and higher. Balances below that amount earn 0.25% APY.

AmTrust Direct and My Banking Direct both are divisions of New York Community Bank. The bank has more than 200 branches in New York, New Jersey, Florida, Ohio and Arizona.

Incrediblebank pays its top rate on balances between $2,500 and $249,999. Any portion of balances above that amount earn 0.60% APY. A $2,500 minimum deposit is required to open an account.

The bank is the online division of River Valley Bank of Rothschild, Wis., which has 16 brick-and-mortar locations in Wisconsin and Michigan.

None of these accounts is quite as good as the top nationally available savings rate of 1.30% APY offered by UFB Direct (, the online division of BofI Federal Bank (formerly Bank of Internet USA).

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

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Comments (1)
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One Existing Comment
  1. Kathy at Bankaholic said:
    on February 23rd at 10:50 am

    These rates are still available except for UFB Direct’s savings rate, which has fallen repeatedly and is now 0.85% APY.