bank rates

MMA: EverBank Vs. CSBdirect.com

hand reaching for pile of moneyCSBdirect.com recently began offering competitive savings and money market accounts.

The accounts are all but identical. We know how the savings account stacks up to the top nationally available deals. But where does the money market account fall?

Verdict: It’s not as good as the top deal (unless you have a lot of cash to deposit), but it does offer the first bit of legitimate competition in quite some time.

CSBdirect.com pays 1.06% APY on Personal Money Market accounts with balances between $10,000 and $249,999. Accounts with $2,500 to $9,999 will earn 0.75% APY.

Minimum deposit is $2,500.

Savers who open an account online by Aug. 31 – and all of these accounts must be opened through the bank’s website – will have their rate guaranteed for the next six months. If you plan to open an account with the bank, be prepared for the possibility that rates may be cut dramatically after the guaranteed period expires.

CSBdirect.com is the online division of Citizens State Bank, which is based in Perry, Fla., and has four branches in the northern part of the state.

EverBank has the better offer – unless you have significant deposits.

It pays 1.40% APY on its Yield Pledge MMA on balances to $50,000. That’s a significantly lower ceiling for its top rate than CSBdirect offers. Higher balance portions earn 0.61% APY.

This rate also is guaranteed for six months, after which you’ll earn EverBank’s standard MMA rate, which currently is 0.61% APY.

It takes a minimum deposit of $1,500 to open an account at the Jacksonville, Fla.-based bank, but you don’t have to keep a certain amount in your account to earn interest. The account has no monthly service fees.

EverBank is primarily an online bank but has 13 Florida locations.

Compare these rates with the best money market and savings accounts offered by scores of banks in our database.

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