bank rates

L.A.-Area Deal On MMAs, Savings Accounts

F&A Federal Credit Union pays 1.40% on money market accounts and 1.26% on savings accounts.If you have ties to the Los Angeles County Fire Department, you can get competitive money market and savings account rates through F&A Federal Credit Union.

The credit union is paying 1.40% APY on money market accounts and 1.26% APY on savings accounts — beating the best nationally available money market and savings account rates.

For those without a Southern California connection, the best nationally available money market rate is 1.25% from AmTrust Direct. The best nationally available savings rate is 1.21% from SFGI Direct.

To join F&A (www.fafcu.org), you must work for the L.A. County Fire Department, be an employee of one of the cities that contract the department’s services, be an employee of a number of other area government institutions, or have a family member who is.

A regular share account at the Monterey Park, Calif.-based credit union requires a $5 minimum balance, while a money market account requires a $2,500 minimum deposit and balance.

In comparison, you need $500 to open a money market account with AmTrust Direct and have $10,000 to $149,999 deposited to earn the best rate.

AmTrust Direct is part of New York Community Bank, which has more than 200 branches in New York, New Jersey, Florida, Ohio and Arizona.

For savings, SFGI Direct is offering 1.21% APY with a $500 minimum deposit.

SFGI Direct is the online division of Summit Community Bank of Moorefield, W.Va., which has 15 offices in Virginia and West Virginia.

You can compare these deals with the best savings and MMA rates in our extensive database.

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Comments (3)
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3 Existing Comments
  1. Kathy at Bankaholic said:
    on June 22nd at 10:42 am

    F&A’s rates are still available as of today.

  2. Mike at Bankaholic said:
    on July 5th at 09:00 am

    The credit union has cut its MMA rate a tenth of a percentage point to 1.30% APY. This local deal still beats the best nationally available rate on money market accounts.

  3. Kathy at Bankaholic said:
    on July 11th at 08:14 am

    F&A’s lower MMA rate — 1.30% APY — is still available as of today.