bank rates

MMA Accounts Face More Competition

$100 bills fanned outWhile money market rates remain less than impressive, there are actually more better-paying options today than there were one year ago.

The new year starts with EverBank still in the top spot, paying 1.25% APY for a guaranteed six months.

That rate is a tenth of a percentage point higher than the best nationally available MMA last year at this time.

Today, 10 banks pay at least 1.00% APY for MMAs. A year ago, just four paid that well.

EverBank has been paying 1.25% APY on its Yield Pledge Money Market since July.

After the six-month bonus period ends, you’ll earn the standard MMA rate, which has remained at 0.76% APY since July.

You’ll earn the best rate on balances to $50,000. Higher balances earn 0.76% APY.

It takes a $1,500 minimum deposit to open an MMA at EverBank, but you’ll pay an $8.95 monthly fee if you keep less than $5,000 in your account with the Jacksonville, Fla.-based bank. Although mainly an online bank, EverBank has 14 branches in Florida.

chart showing the number of money market accounts paying 1 percent or more

You’ve got plenty of other options when it comes to banks paying more than 1.00% APY.

Three Oklahoma banks, Evantage Bank (, AmericaNet Bank ( and Redneck Bank ( are paying 1.10% APY on balances to $35,000.

The three banks are owned by an Oklahoma family and offer Mega Money Market accounts with the same terms. The accounts have no fees, and no minimum amount is required to open an account. If your balance is above $35,000, you’ll earn 0.50% APY.

Evantage Bank is the online division of Southwest State Bank in Sentinel, Okla.; Redneck Bank is the online division of Bank of the Wichitas in Snyder, Okla.; and AmericaNet Bank is the online division of All America Bank in Mustang, Okla.

Five banks pay 1.05% APY.

Sallie Mae Bank ( has the easiest terms. Its MMA has no fees and no minimum deposit requirement. The bank is headquartered in Salt Lake City and owned by the student loan company.

Union Federal Savings Bank ( requires a $2,500 minimum deposit to open an MMA, but the account has no fees, and you don’t need to keep a certain amount in your MMA to earn interest. Union Federal began as a community bank in North Providence, R.I., but now is an online bank.

Incredible Bank ( also requires that you make a minimum $2,500 deposit to open an account. If you don’t keep that much in your account, you’ll pay a $10 monthly fee. The highest rate applies to balances up to $250,000. Higher balances earn 0.45% APY. Incredible Bank is the online division of River Valley Bank of Rothschild, Wis.

My Banking Direct ( and AmTrust Direct ( are both divisions of New York Community Bank. They require a $5,000 minimum deposit to open an MMA and to earn the best rate. Balances below $5,000 earn 0.25% APY.

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

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