bank rates

Money Market Account Rates Hold Steady

The top money market account available nationwide now earns more than the top savings account.

But the best are still worse than top 12-month CDs.That’s not saying a whole lot.

But at least we can report that MMA rates haven’t seen the same recent decline as savings account rates.

In fact, it’s been six weeks since there has been a change in the top money market rates.

The best of the bunch, from Hudson City Savings Bank and AmTrust Direct, offer 1.25% APY.

That would give you a bit less of a return than the best 12-month CD rates.

Hudson City’s rate is good on balances of $2,500 and above. For amounts less than that, you’ll earn 1.0% APY. Based in Paramus, N.J., Hudson City has more than 100 branches in New York, New Jersey and Connecticut.

AmTrust Direct, the online division of AmTrust Bank of Cleveland, also is paying 1.25% APY on balances between $10,000 and $149,999. Balances above or below those amounts earns 0.50% APY. You need a minimum deposit of $500 to open the account.

The next best available rates are:

1.11% APY offered by Flagstar Direct, the online division of Flagstar Bank in Troy, Mich. Flagstar has more than 160 branches in Michigan, Indiana and Georgia. There is no minimum deposit and no minimum balance required to earn that rate.

1.10% APY from Discover Bank, of Greenwood, Del., an online bank owned by the credit card company. Balances between $10,000 and $99,999 earn 1.10% APY. Balances above that amount earn 1.15% APY, while balances from $2,500 to $9,999 earn 1.0% APY. You need a minimum deposit of $2,500 to open the account.

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