bank rates

Just 4 MMA Accounts Pay At Least 1%

You'll earn a top rate of 1.18% from Incrediblebank.And then there were four.

After interest rate cuts in recent weeks, only four banks pay at least 1% APY on nationally available money market accounts.

Incrediblebank ( continues to lead the pack, paying 1.18% APY, with a $2,500 minimum deposit.

You’ll earn that top rate on balances up to $249,999. Any portion of balances above that amount earn 0.80% APY.

Incrediblebank is the online division of River Valley Bank of Rothschild, Wis., with 16 locations in Wisconsin and Michigan.

It last cut its rates in mid-October.

Incrediblebank just inches past AmTrust Direct ( and My Banking Direct (, which are paying 1.15% APY.

The three leave all other deals in the dust.

With AmTrust Direct, you only need $500 to open an account, but you earn the top rate of 1.15% APY on balances above $10,000. Anything below that amount earns 0.25% APY.

With My Banking Direct, a $5,000 deposit is required to open an account and earn 1.15% APY. If your balance falls below that amount, you earn 0.25% APY.

Both My Banking Direct and AmTrust Direct are divisions of New York Community Bank, which has more than 200 branches in New York, New Jersey, Florida, Ohio and Arizona.

Beyond that, pickings are slim.

Only one other bank pays at least 1.00% APY for money market accounts, after Discover Bank cut its interest rate late last month.

Sallie Mae Bank (, which has no minimum deposit requirement to open an account, pays 1.00% APY. The bank is owned by the student loan company and is headquartered in Salt Lake City.

One savings account pays slightly better than the top nationally available money market account. That belongs to UFB Direct, a division of BofI Federal Bank (formerly called Bank of Internet USA, which now also is a division of BofI).

It pays 1.30% APY with a $100 minimum deposit.

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

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Comments (2)
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2 Existing Comments
  1. MaJo said:
    on December 2nd at 11:49 am

    At least there are still four — but it’s pretty dismal, particularly for those of us who don’t make a practice of opening accounts all over the country just to get a tiny bit better interest rate. Guess I’ll have to change with the times.

  2. Poooper said:
    on December 13th at 09:44 am

    AmTrust was at 1.25% a few months ago and they just cut it by .10%

    Didn’t even send out a notice or anything. I just noticed it on my statement one month, which is very disappointing as I was planning on depositing more money next year when one of my CDs matures, but now I’m going to be shopping around. Unfortunately though, it looks like they win by default