bank rates

Incrediblebank Lifts Its MMA Rates

It's now part of a three-way tie for the best nationally available money market rates.Finally, a rate moving in the right direction.

Incrediblebank has just bumped up rates on its Incredible Money Market Account from 1.15% to 1.25% APY.

That puts Incrediblebank in a three-way tie for the best nationally available money market rates with AmTrust Direct and My Banking Direct.

You’ll need a $2,500 minimum deposit to open an account at Incrediblebank (www.incrediblebank.com), the online division of River Valley Bank, based in Wausau, Wis. The rate is good on balances up to $249,000.

Incrediblebank also offers some strong odd-term CD rates that rival the best nationally available 12- and 24-month certificates of deposit.

The top money market rates beat the best nationally available savings account rates by more than a tenth of a percentage point. The best MMAs also pay nearly as well as top 12-month CDs.

Your other top-paying MMA options, AmTrust Direct and My Banking Direct, are part of New York Community Bank.

AmTrust Direct (www.amtrustdirect.com) pays its best rate on balances between $10,000 and $149,000. Anything above or below that amount pays 0.50% APY. It takes a $500 minimum deposit to open an account.

My Banking Direct (www.mybankingdirect.com) pays its top rate on balances of at least $5,000. You need $5,000 to open an account.

If you have less than $5,000 in your account, you’ll earn 0.25% APY.

After the top three banks, the next best rate is offered by Sallie Mae Bank (www.salliemae.com), the bank owned by the student loan company, which pays 1.15% APY and does not have a minimum deposit requirement.

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

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  1. Kathy at Bankaholic said:
    on September 14th at 09:50 am

    All of these rates are still available, except for Sallie Mae Bank’s MMA rate, which has slipped to 1.10% APY.