bank rates

MMAs Still Haven’t Hit The Bottom

Percentage sign and down arrow combinedIf it’s even possible, money market accounts are in worse shape today than they were at the beginning of 2013.

A year ago, 10 banks paid at least 1.00% APY for nationally available MMAs. Today there’s just one.

The lone holdout remains EverBank (www.everbank.com), which topped our charts a year ago and continues to do so today.

But as 2013 rolled in, EverBank was paying 1.25% APY on MMAs; now the rate is down to 1.10% APY.

The Jacksonville, Fla.-based bank pays its highest rate on balances to $50,000 for its Yield Pledge Money Market account and guarantees the rate for six months.

After the six months is up, EverBank will pay the standard rate for MMAs, which now is 0.61% APY. Balances above $50,000 also earn 0.61% APY.

Opening a money market with EverBank requires a $1,500 minimum deposit. But you don’t need to keep that much in your account to earn interest, and you pay no monthly service fees.

After EverBank, the best you can do is 0.91% APY with IncredibleBank (www.incrediblebank.com). It takes a minimum deposit of $2,500 to open an account. You’ll earn interest even if your balance falls below that amount, but you’ll also pay a $10 monthly service fee.

IncredibleBank pays its best rate on balances to $249,999. The bank is the online division of River Valley Bank located in Wisconsin.

Five banks pay 0.90% APY.

Evantage Bank (www.evantagebank.com), AmericaNet Bank (www.americanetbank.com) and Redneck Bank (www.redneckbank.com) pay that rate on balances to $35,000. Balance portions above that earn 0.50% APY. The three banks are owned by an Oklahoma banking family. You don’t need to deposit a minimum amount to open an account, and the account has no fees.

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.

Sallie Mae Bank (www.salliemae.com) pays 0.90% APY on your entire account balance. There’s no minimum amount required to open an account, and there are no monthly fees. The bank, based in Salt Lake City, is owned by the student loan company.

Union Federal Savings Bank (www.unionfsb.com) also pays 0.90% APY with a $2,500 minimum initial deposit. You don’t need to keep that much in your account to earn interest, and the MMA has no fees. The bank began as a community bank in North Providence, R.I., but now is an online bank.

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

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