bank rates

MMA Rates Hold Steady For Most Of 2011

3 banks pay 1.25% APY on their money market accountsJust a month ago, you could earn roughly the same yield with the best 12-month CD rates as you could with the top money market accounts.

No more.

As banks and credit unions continue to cut, cut, cut CD rates, the nation’s top MMA rates have remained unchanged.

For nearly two months now, three online banking divisions of brick-and-mortar banks have paid 1.25%.

You would have to go all the way back to February to find a nationally available deal that paid better.

AmTrust Direct ( has held this rate for most of the year. We began tracking My Banking Direct ( several months ago. And Incrediblebank ( joined them in August after raising its APY.

These are three of just seven banks that offer MMAs on a national basis paying at least 1.00% APY.

Incrediblebank requires a $2,500 deposit to open an account. It’s paying 1.25% APY on balances up to $249,999.

Balances above that earn 0.80% APY. The bank is the online division of River Valley Bank of Rothschild, Wis., which has 16 locations in Wisconsin and Michigan.

If you have $5,000 to set aside, you can open an account with My Banking Direct. There’s no cap on the amount of money that can earn 1.25% APY. Balances below $5,000 earn 0.25% APY.

Your other top-paying option is AmTrust Direct. You only need $500 to open an account, but the 1.25% APY is only good on balances from $10,000 to $149,999. Balances above or below that amount earn 0.50% APY.

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

These MMA rates fall slightly below the top nationally available savings rate of 1.30% APY offered by UFB Direct (

Four banks offer the next best MMA rates of 1.00% APY:

Sallie Mae Bank (, which is owned by the student loan company and is based in Salt Lake City, requires no minimum deposit.

Discover Bank (, which is owned by the credit card company, requires a $2,500 minimum deposit.

Nationwide Bank (, which is owned by the insurance company and based in Columbus, Ohio, requires a $1,000 minimum deposit.

First Internet Bank of Indiana (, an Indianapolis-based online bank, requires a $100 minimum deposit.

You can compare these rates 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. Mike Cetera said:
    on October 13th at 08:50 am

    Curses. Incrediblebank has dropped its MMA rates to 1.18% APY. AmTrust Direct and My Banking Direct continue to pay 1.25% APY.

  2. Kathy at Bankaholic said:
    on October 24th at 07:41 am

    Wave bye-bye to 1.25% rates. AmTrust Direct and My Banking Direct have dropped their rates to 1.15% APY.

    You can still get the 1.00% rate at the 4 banks listed.