bank rates

Money Market Accounts Still Beat Savings

Six one-hundred dollar bills and a green backgroundIf you’re looking for a place to grow your cash, money market accounts continue to offer more options than savings accounts do.

Both the top nationally available money market account and the top savings account pay 1.25% APY. But with MMAs, you also have the choice of seven other banks that pay at least 1.05% APY.

No other savings account available to anyone in the United States pays more than 1.01% APY.

EverBank ( pays 1.25% APY for MMAs — guaranteed for half a year — while Salem Five Direct ( offers the same rate on savings, but with no kind of guarantee.

With EverBank’s Yield Pledge Money Market, you’ll earn 1.25% on balances to $50,000 for six months.

Any portion of your balance greater than $50,000 earns 0.76% APY. And when the guarantee period ends, you’ll earn the standard MMA rate, which currently is 0.76% APY.

Opening an account requires a $1,500 minimum deposit, but if you don’t keep a balance of at least $5,000, you’ll be assessed an $8.95 monthly fee.

EverBank is based in Jacksonville, Fla., and has 14 branches around the state.

While there’s no guarantee with Salem Five Direct, there’s only a $100 minimum opening deposit requirement for an eOne Savings account, and there are no fees.

Another benefit is that the rate is good on balances to $500,000 at Salem Five Direct, which is the online division of Salem Five Cents Saving Bank in Salem, Mass.

If you want to stick to MMAs, you have lots of other choices.

Evantage Bank (, AmericaNet Bank ( and Redneck Bank ( all pay 1.10% APY on balances to $35,000.

The banks, owned by an Oklahoma family, require no minimum deposit and levy no account fees. Balance portions greater than $35,000 earn 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.

Four other banks pay 1.05% APY:

Union Federal Savings Bank ( charges no fees for its MMA, which requires an opening deposit of at least $2,500. You’ll earn interest on all account balances. Union Federal started as a community bank in North Providence, R.I., but now is an online bank.

My Banking Direct ( and AmTrust Direct ( both require a minimum deposit of $5,000 to open an account and earn the top interest rate. Lower balances earn 0.25% APY. Both online banks are divisions of New York Community Bank.

CSBDirect ( pays its top rate on balances of at least $10,000. It takes at least a $2,500 deposit to open an account, but you’ll earn just 0.50% for balances up to $9,999. The bank is the online division of Citizens State Bank in Perry, Fla., which has four Florida branches.

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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