bank rates

Money Market Account Leader Gets A Lift

The top nationally available money market account rate hasn’t been higher than it is today since February 2011.

Best money market rates 2011-2012.We can thank UFB Direct for that encouraging news.

It just raised its MMA rate from 1.25% APY to 1.30% APY.

The move comes on the heels of two other top payers — Union Federal Savings Bank and Incredible Bank — boosting their rates.

Even with the increase, the top nationally available rate has remained remarkably stable in the past year, given the continued beating deposit rates in general have taken.

Our chart above shows the changes in the top deal since August 2011.

As for UFB Direct (www.ufbdirect.com), the online bank has now twice raised its rate since it began offering a money market account earlier this year.

We’ve been tracking this bank — a division of BofI Federal Bank, based in San Diego — for about a year now. Last summer, it began offering an online savings account that paid 1.30% APY.

That yield held for five months, but has since been cut several times; it now pays 0.80% APY.

That’s something to consider if you’re looking to open a new account there.

It takes a $5,000 minimum deposit to open a money market account, and if you don’t maintain that much in your account you’ll be charged a $10 monthly fee.

The rate is paid on all balances to $250,000. Any portion of your balance above that earns 0.25% APY.

EverBank (www.everbank.com) now offers the second best deal for new accounts. It guarantees to pay 1.25% APY for six months. Then the rate will fall to the standard MMA rate, which currently is 0.76%.

While it only takes a $1,500 minimum deposit to open an account, if you don’t keep at least $5,000 in your account you’ll pay an $8.95 monthly fee.

The bank, based in Jacksonville, Fla., pays its best rate on balances to $50,000. Amounts above that earn 0.76% APY. EverBank is mainly an online bank, although it has 14 Florida locations.

Otherwise you can earn 1.05% APY with MMAs at Incredible Bank (www.incrediblebank.com), Union Federal Savings Bank (www.unionfsb.com) and My Banking Direct (www.bankingdirect.com), while Acacia Federal Savings Bank (www.acaciafederal.com) pays 1.00% APY.

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

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