bank rates

New England: Top Money Market Account

pile of cashIf you live in New England, take a look at Mutual Bank, which offers a top money market account yield, plus respectable rates on rewards checking and savings accounts.

This Whitman, Mass.-based bank pays 1.25% APY on balances up to $75,000 on its Mighty Money Market Savings Account. The rate is guaranteed until July 31, 2013.

The rate equals the best nationally available deal offered by EverBank (, which also pays 1.25% APY, and guarantees its rate for six months.

EverBank pays its top rate to a balance of $50,000. It pays the standard MMA rate — currently 0.76% APY — for all larger balance portions.

Unfortunately, Mutual Bank says it hasn’t decided what the account will pay after Aug. 1. But its standard money market account rate currently is a paltry 0.20% APY for balances of at least $25,000.

That might give you an indication of where the rate is headed this summer. Still, if you treat this investment as a 6-month CD, which pays far less on average than what Mutual Bank is offering, you’ll be in good shape.

It takes a $500 minimum deposit to open an account. Keep at least that much on hand each month, or you’ll get dinged with a $10 fee. Balance portions greater than $75,000 earn 0.35% APY.

Rewards checking, savings accounts

Mutual Bank’s rewards checking account pays 2% APY on balances to $10,000. The REWARDChecking account requires you to make at least 10 debit card purchases in a month, have at least one automatic payment or direct deposit each month and sign up for eStatements to earn the top rate.

You’ll also get your ATM fees reimbursed up to $25 a month. It takes a minimum of a $10 deposit to open a rewards checking account.

If you fail to meet those requirements, you’ll earn 0.05% APY for the month. Balance portions above $10,000 earn 0.35% APY.

Once you have a REWARDChecking account in place you can link it to a REALSaver account, which pays 1.00% APY on balances to $50,000, as long as you meet all your reward checking requirements. That’s among the best savings account rates we’re seeing these days.

At Mutual Bank, balance portions above $50,000 earn 0.35% APY. And if you don’t meet the requirements in a particular month, you’ll earn 0.05% APY.

It takes a $10 minimum deposit to open a REALSaver account.

Bank information

All the accounts can be opened online or at one of Mutual Bank’s nine branches in Massachusetts. You must live in the “New England region” to open an account.

For more information, visit or call 866-986-9226.

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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