EverBank has reduced the best rate on its money market account for the first time in more than a year, taking it from 1.25% APY to 1.10% APY.
While that still leaves the Jacksonville, Fla., bank tied for the top spot among nationally available MMAs, it’s sad to see the last holdout caving in to rate pressure.
Just last month, Barclays (www.banking.barclaysus.com) did the same.
The U.S. outpost of the big British bank trimmed its rate for the first time in more than a year, falling from 1.00% APY to 0.90% APY.
With its cut, EverBank (www.everbank.com) is paying new customers of its Yield Pledge MMA a guaranteed 1.10% APY for six months on balances up to $50,000.
After that, the return falls to the standard MMA rate, which now has dropped from 0.76% APY to 0.67% APY. (Balances above $50,000 earn the standard rate from the start.)
To open a Yield Pledge MMA, you’ll need to make a minimum deposit of $1,500. The account no longer carries monthly fees if you don’t meet minimum balance requirements.
Three other banks owned by a longtime Oklahoma banking family continue to pay 1.10% APY. They are:
- Evantage Bank (www.evantagebank.com), the online division of Southwest State Bank in Sentinel, Okla.
- AmericaNet Bank (www.americanetbank.com), the online division of All America Bank in Mustang, Okla.
- Redneck Bank
(www.redneckbank.com), the online division of Bank of the Wichitas in Snyder, Okla.
Their top Mega Money Market account interest rate is good on balances to $35,000. More than that in your account will earn 0.50% APY. The accounts have no minimum balance requirements and no monthly fees.
AmTrust Direct (www.amtrustdirect.com), a division of New York Community Bank, is offering 1.05% APY. You need to make a $5,000 minimum deposit to open an account, and you must keep that much in your account to earn the best rate. Lower balances earn 0.25% APY.
These banks qualify for our rankings by making their money market accounts available to depositors in in all 50 states, either online or through the mail.
You can look to see how these rates compare to the best money market and savings account rates offered by scores of banks in our database.