bank rates

More Banks Offer Top Money Market Rates

The top nationally available deal pays 1.25% APY.There’s finally some encouraging news for those who want to sock their cash away in a money market account.

Two banks now pay 1.25% APY on MMAs, and nearly as remarkable, they’re among about a half-dozen banks that pay at least 1.00% APY.

The last time we saw this much competition with rates this high was way back in October.

You can credit TIAA Direct ( for starting the trend when it launched its money market account in February.

Now EverBank ( has joined TIAA Direct in the top spot with the best nationally available money market account rates.

With TIAA Direct, you’ll earn 1.25% on all balances, and you need just a $25 minimum deposit to open an account.

TIAA Direct is a division of TIAA-CREF Trust Co., the big retirement services provider known most for its work with teachers.

EverBank offers something very significant that TIAA Direct does not: a rate guarantee.

EverBank says the rate on its Yield Pledge Money Market will remain unchanged for six months after you open an account.

But after the promotional period, the rate falls to that of a standard MMA, which currently is 0.76% — well below the rate leaders.

EverBank also has more hoops to jump through to get the best rate.

A Yield Pledge Money Market is only available for those who haven’t had an MMA with the bank before, and you need to make a minimum $1,500 deposit to open an account.

The rate only applies to balances up to $50,000. Any portion of your balance above that earns 0.76% APY. And if you don’t maintain at least $5,000 in your account, you’ll pay an $8.95 monthly fee.

Although EverBank, based in Jacksonville, Fla., has 14 Florida locations, it’s primarily an online bank.

If those two offers don’t meet your needs, you still have other options.

My Banking Direct (, pays 1.15% APY on its MMAs. It takes a $5,000 minimum deposit to open an account, and you need to keep that much in your account to earn the top rate.

Balances below that earn 0.25% APY. The bank is a division of New York Community Bank, which has more than 200 branches in New York, New Jersey, Florida, Ohio and Arizona.

UFB Direct (, which had been a longtime leader in savings account rates, now pays 1.15% APY on MMAs.

This also requires a $5,000 minimum deposit to open, and you earn no interest if your balance falls below that amount. But the rate is good on balances to $250,000.

UFB Direct is a division of BofI Federal Bank, based in San Diego.

Acacia Federal Savings Bank (, is a new addition to our rankings, paying a top rate of 1.00% APY on its Tiered Money Market Account. It takes $1,000 to open an account, and you can earn 1.00% on balances of $25,000 and above.

Balances below $10,000 earn 0.25% APY, while balances of $10,000 to $24,999 earn 0.50% APY.

Acacia Federal Savings Bank is based in Falls Church, Va., and is a subsidiary of Acacia Life Insurance Co.

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

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Comments (4)
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4 Existing Comments
  1. Faith Heim said:
    on June 12th at 08:41 am

    The TIAA Direct is a joke.While trying to open an account they send test deposits to an external account.The amount is in cents but they send me notice that I am OVERDRAWN. Then I put 2K in and I keep getting alerts I am overdrawn. Every time I send a message they tell me to call.I made a mistake on my password and was locked out immediately. I was forced to call to reopen. Then I deposited 150K. I still get alerts I am overdrawn and have to call. This all in 1 weeks time.It has been a nightmare.Never had so much trouble opening an account.Their web page really sucks and their CSRs are not to helpful.

  2. O-Qua Tangin Wann said:
    on June 13th at 01:54 am

    First of all, Faith Helm, how lucky are you in today’s economy that you even have $150K in cash to deposit at TIAA. Bravo and respect to you.

    Second, how sad are you going to feel once you finally get all settled in with TIAA and then shortly thereafter they will have to lower their rates because you and everyone else who has $150K or more will flood them with deposits…so much $$ they won’t be able to afford to pay 1.25% interest? They will have too much cash, as in addition to being posted at Bankaholic, the TIAA high rate (sad that 1.25 is called “high rate”) has been plastered all over the Internet, including at Fatwallet.

  3. Kathy at Bankaholic said:
    on June 22nd at 11:40 am

    All of these rates are still available.

  4. Kathy at Bankaholic said:
    on June 26th at 09:12 am

    UFB Direct is now paying 1.25% APY on its money market accounts.