bank rates

Incrediblebank Now Offers Top MMA Rates

It pays 1.18% APY on balances above $2,500.Looks like banks can defy the odds for only so long.

AmTrust Direct and My Banking Direct have cut rates by a tenth of a percentage point to 1.15% APY on their money market accounts, dropping the two banks from their long-standing lead for the best nationally available deals.

The move boosts Incrediblebank, which trimmed its rate earlier this month, back to the top of the rankings.

It requires a $2,500 deposit to open an account and pays 1.18% APY on balances between $2,500 and $249,999. Balances of $250,000 and more earn 0.80% APY.

Incrediblebank (www.incrediblebank.com) is the online division of River Valley Bank of Rothschild, Wis., which has 16 locations in Wisconsin and Michigan.

AmTrust Direct (www.amtrustdirect.com) pays 1.15% APY on balances of $10,000 and above. Anything below that amount earns 0.25% APY. A minimum deposit of $500 is required to open an account.

A My Banking Direct (www.mybankingdirect.com) money market account requires a $5,000 deposit to open an account. You’ll earn 1.15% APY on balances of that amount or higher. Balances below $5,000 earn 0.25% APY.

Both online banks are divisions of New York Community Bank. The bank has more than 200 branches in New York, New Jersey, Florida, Ohio and Arizona.

These MMA rates fall below the top nationally available savings rate of 1.30% APY offered by UFB Direct (www.ufbdirect.com).

Four banks offer the next best MMA rates of 1.00% APY:

Sallie Mae Bank (www.salliemae.com), which is owned by the student loan company and is based in Salt Lake City, requires no minimum deposit.

Discover Bank (www.discoverbank.com), which is owned by the credit card company, requires a $2,500 minimum deposit.

Nationwide Bank (www.nationwide.com), which is owned by the insurance company and based in Columbus, Ohio, requires a $1,000 minimum deposit.

First Internet Bank of Indiana (www.firstib.com), an Indianapolis-based online bank, requires a $100 minimum deposit.

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

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Comments (3)
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3 Existing Comments
  1. Kathy at Bankaholic said:
    on October 28th at 09:38 am

    First Internet Bank of Indiana has dropped its MMA rate to 0.90% APY.

  2. Kathy at Bankaholic said:
    on November 2nd at 08:31 am

    Nationwide Bank has dropped its MMA rate to 0.95% APY.

  3. Kathy at Bankaholic said:
    on November 28th at 09:41 am

    With the exception of Nationwide and First Internet of Indiana, these banks are still offering the MMA rates in the story.