bank rates

IncredibleBank Raises MMA Rates

Chart showing something rising.For the first time in months, a bank we’re following has increased its money market account rates.

IncredibleBank (www.incrediblebank.com) nudged its rates back to 0.91% APY in October, after trimming them to 0.86% APY this summer. It’s enough to put the online division of Wisconsin-based River Valley Bank in second place in our rankings of nationally available accounts.

This is one of the few — small — good things to happen to MMA accounts in 2013. The year began with 10 banks that paid at least 1.00% APY.

Today, only one remains.

Chart showing the fall and rise of IncredibleBank MMA rates

EverBank (www.everbank.com) continues its long-standing hold on the top spot, paying 1.10% APY. While that’s shy of the 1.25% it paid to start the year, it’s the only bank that’s managed to keep rates above 1.00% APY.

The bank’s Yield Pledge Money Market pays a guaranteed 1.10% for the first six months after you open an account on balances to $50,000. Higher balance portions earn 0.61% APY. This account is available to first-time customers.

After the six-month period ends, the rate falls to the standard MMA rate, which now stands at 0.61% APY. That’s not terribly competitive.

You need a minimum deposit of $1,500 to open an account with the Jacksonville, Fla.-based bank, but you don’t need to keep a certain amount in your account to earn interest. The account has no monthly fees.

Otherwise, six banks pay at least 0.90% APY.

IncredibleBank pays 0.91% APY on all balances with a $2,500 minimum deposit, though you’ll earn interest regardless of how high your balance is. If you don’t keep at least $2,500 in your account, you’ll pay a $10 monthly fee. The best rate is available on balances below $250,000.

Evantage Bank (www.evantagebank.com), AmericaNet Bank (www.americanetbank.com) and Redneck Bank (www.redneckbank.com) all pay 0.90% APY. The three banks are owned by an Oklahoma banking family. The best rate applies to balances up to $35,000. Higher balances earn 0.50% APY. The accounts have no minimum deposit requirements and no fees.

Evantage Bank is the online division of Southwest State Bank in Sentinel, Okla.; AmericaNet Bank is the online division of All America Bank in Mustang, Okla.; and Redneck Bank is the online division of Bank of the Wichitas in Snyder, Okla.

Sallie Mae Bank (www.salliemae.com) also pays 0.90% APY, and the rate applies to all balances. There is no minimum deposit, and the account has no fees. The bank is based in Salt Lake City and owned by the student loan company.

Union Federal Savings Bank (www.unionfsb.com) also pays 0.90% APY with a $2,500 minimum deposit. There is no minimum to earn interest, and the account has no fees. The bank began as a community bank in North Providence, R.I., but now is an online bank.

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

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