Money market accounts continue to look like the better place to park your cash as savings rates continue their slump.
Resisting the downward spiral on rates, there are still eight banks that pay more than 1.00% APY on MMAs, and EverBank’s (www.everbank.com) rate of 1.25% APY has held up for nine months.
EverBank guarantees the rate on Yield Pledge Money Market accounts for six months on balances to $50,000. Higher amounts earn the standard MMA rate of 0.76% APY, and when the six-month bonus period ends, you’ll earn the standard rate on your entire balance.
To open an EverBank MMA, you need to make a minimum deposit of $1,500, but if your balance is below $5,000, you’ll pay an $8.95 monthly fee. The bank is based in Jacksonville, Fla., and has 14 branches around Florida.
There are a number of other banks that pay more than 1.00% APY.
Evantage Bank (www.evantagebank.com), AmericaNet Bank (www.americanetbank.com) and Redneck Bank (www.redneckbank.com), which are all owned by an Oklahoma banking family, are paying 1.10% APY on balances up to $35,000.
The banks’ Mega Money Market accounts have the same terms. The accounts have no fees and no minimum balance requirements. Any money in your account above $35,000 earns 0.50% APY.
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.
Three banks pay 1.05% APY.
My Banking Direct (www.mybankingdirect.com) and AmTrust Direct (www.amtrustdirect.com) are divisions of New York Community Bank. They require a $5,000 minimum deposit to open an account and to earn 1.05% APY. Lower balances earn 0.25% APY.
CSBDirect (www.csbdirect.com) pays 1.05% APY on balances of $10,000 or more. While you can open an MMA with a $2,500 deposit, you’ll earn just 0.50% for balances below $10,000. The bank is the online division of Citizens State Bank in Perry, Fla.
One other bank offers a nationally available account that pays 1.00% APY.
Incredible Bank (www.incrediblebank.com) pays 1.01% APY. A minimum deposit of $2,500 is needed to open an account and avoid fees. A $10 monthly fee is assessed on lower balances. The best rate is good on balances to $250,000. Incredible Bank is the online division of River Valley Bank of Rothschild, Wis.
Compare the best money market and savings account rates offered by scores of banks in our database.