bank rates

Nearly All MMA Leaders Offer Same Rate

The magic number for money market accounts: 1.05% APY.

There are now six nationally available deals that feature this rate. That figure has grown thanks to a rate cut from UFB Direct.

There’s just one bank that offers a higher rate — and that’s just a promotional offer good for six months.

EverBank (www.everbank.com) guarantees a 1.25% APY on its Yield Pledge Money Market for six months. After that, the rate drops to the standard MMA rate, which currently is 0.76%.

You can open an account with a $1,500 minimum deposit, but unless you keep at least $5,000 in your account, you’ll pay an $8.95 monthly fee.

The top rate is paid on balances to $50,000. Balances above that amount earn 0.76% APY. EverBank, based in Jacksonville, Fla., is mainly an online bank but has 14 Florida locations.

Here are the banks that pay 1.05% APY:

AmTrust Direct (www.amtrustdirect.com), a division of New York Community Bank, had stopped offering MMAs for months. Now it’s back. You need a minimum deposit of $5,000 to open an account and earn the best rate. If your balance falls below $5,000, you’ll earn 0.25% APY. There are no fees with this account.

Incredible Bank (www.incrediblebank.com) requires just a $2,500 deposit to open an account, but if your balance falls below that amount, you’ll pay a $10 monthly fee. However, there’s no minimum amount to earn interest. Balances of $250,000 and higher earn 0.45% APY. The bank is the online division of River Valley Bank of Rothschild, Wis.

My Banking Direct (www.mybankingdirect.com), which is also a division of New York Community Bank, requires a $5,000 minimum deposit to open an account. It pays its best rate on balances of $5,000 and higher. Balances below that earn 0.25% APY. There are no fees with this account.

Sallie Mae Bank (www.salliemae.com) recently bumped up its rate from 1.00% APY to 1.05% APY. There’s no minimum balance requirement to open an account and you pay no fees. Your entire balance earns interest. Sallie Mae Bank is based in Salt Lake City and is owned by the big student loan company.

UFB Direct (www.ufbdirect.com), which had offered a yield a quarter percentage point higher as recently as August, trimmed its rate again this week. You need to make at least a $5,000 deposit to open an account and to earn interest. And if you don’t keep at least that much in your account, you’ll pay a $10 monthly fee. The top rate is paid on balances up to $250,000. Balances above that earn 0.25% APY. UFB Direct is a division of BofI Federal Bank in San Diego.

Union Federal Savings Bank (www.unionfsb.com) also allows you to open an MMA with just a $2,500 deposit, and you earn 1.05% APY on all balances. The account charges no fees. Union Federal started as a community bank in North Providence, R.I., but now is an online bank.

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

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