bank rates

It’s Still Possible To Earn 2% On An MMA

In this topsy-turvy financial world, most money market accounts pay less than savings accounts.

The exception continues to be the Mega Money Market Account available from AmericaNet Bank and Evantage Bank.

These two, jointly-owned online banks from Oklahoma are paying 2.00% APY on balances up to $35,000 (and 1% on anything over that).

That clearly beats the 1.50% APY you can earn with the best nationally available savings accounts.

AmericaNet and Evantage accept deposits from all savers, regardless of where they live, and the banks seem to have gotten the problems with their online application process resolved.

We haven’t received any complaints in quite some time.

Of course the rate on all MMAs is variable. But the return on the Mega Money Market account hasn’t changed since April 2009, when the yield dropped from 3.10% to the current 2.00%.

That’s pretty amazing given the rampant rate cutting we’ve seen over the past 15 months.

Compare these returns with the best money market rates from scores of other banks in our database.

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