bank rates

Large Credit Union Offers Competitive MMA

hands holding a pink piggy bankOne of the country’s largest credit unions is offering a money market account that’s very competitive with the best nationally available deal.

State Employees’ Credit Union (www.ncsecu.org), headquartered in Raleigh, N.C., pays 1.01% APY on its Money Market Share Account.

That’s slightly less than the 1.10% APY offered by EverBank with its Yield Pledge Money Market, the best deal available to savers nationwide. But you can only earn the top rate at EverBank on balances to $50,000. Higher amounts earn 0.61% APY.

State Employees’ has no balance cap. So if you have a lot of cash to deposit, this is the better offer.

EverBank, based in Jacksonville, Fla., pays the 1.10% APY rate for six months after opening an account. After that, the balance falls to the standard MMA rate, which now stands at 0.61%.

The Money Market Share Account from State Employees’ requires a minimum deposit of $250 to open. You’ll need to keep that much in your account to earn interest and to avoid a $2 monthly service fee.

State Employees’ is the second-largest credit union in the nation, with 1.7 million members.

To join, you must be an employee or retiree of the state of North Carolina, an employee or retiree from the public school system, an employee of a number of county departments, a member of the state’s National Guard, or have a family member or household member who is.

You first need to become a member of the credit union by opening a share account with a minimum deposit of $25, and then you can open a money market either at a branch or online. State Employees’ Credit Union has 242 branches across the state.

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