bank rates

It’s A One-Horse MMA Race

horses racingIf this were a horse race, EverBank’s competitors would still be back at the starting gate.

A month after EverBank (www.everbank.com) kicked its promotional rate up to 1.40% APY from 1.10% APY, none of the other top banks has budged.

This is easily the best yield on a nationally available money market account we’ve seen in years, tempered only by the fact that you’ll earn far less in interest after the first six months. When the introductory period ends, you’ll earn this Florida-based bank’s standard rate, which currently is 0.61% APY.

That’s well below the standard rates of EverBank’s competitors. For this reason, we recommend you treat this account as a 6-month CD you don’t plan to roll over.

EverBank guarantees the rate on its Yield Pledge MMA on balances to $50,000. Any portion of your balance over $50,000 earns the standard MMA rate.

EverBank, based in Jacksonville, Fla., requires a minimum deposit of $1,500 to open an account. You don’t need to keep that much in your account to earn interest, and you’ll pay no monthly service fees.

EverBank primarily operates online, but it has 13 locations across Florida.

The next best offering comes from IncredibleBank (www.incrediblebank.com), which has paid 0.95% APY on its MMAs since February. You’ll earn that rate on balances to $249,000.

IncredibleBank requires a minimum deposit of $2,500 to open an MMA. If your account balance falls below $2,500, you’ll still earn 0.95% APY, but you’ll be charged a $10 monthly service fee.

IncredibleBank is the online division of River Valley Bank, based in Wausau, Wis. The bank has 16 locations in Wisconsin and Michigan.

Four banks pay 0.90% APY:

Sallie Mae Bank (www.salliemae.com), which has no minimum deposit requirement and charges no monthly service fees. The bank is based in Salt Lake City and owned by the student loan company.

Evantage Bank (www.evantagebank.com), AmericaNet Bank (www.americanetbank.com) and Redneck Bank (www.redneckbank.com) pay their top rate on balances to $35,000. Higher balance portions earn 0.50% APY. You don’t need to deposit a minimum amount to open an account and the account has no monthly fees.

The banks are owned by an Oklahoma banking family. Evantage Bank is the online division of Southwest State Bank in Sentinel, Okla.; Redneck Bank is the online division of Bank of the Wichitas in Snyder, Okla.; and AmericaNet Bank is the online division of All America Bank in Mustang, Okla.

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

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