bank rates

New Jersey Deal: MMA Earns 1.3%

Saddle River Valley Bank offers this deal on deposits greater than $5,000Saddle River Valley Bank has a money market account for northeast New Jersey residents that beats the top nationally available deals.

The community bank, with branches in Saddle River and Oakland, N.J., pays 1.30% APY as long as you maintain a minimum balance of $5,000.

The account requires a $2,500 minimum deposit to open, and balances below $5,000 earn 1.00% APY.

There’s no monthly maintenance fee if you keep at least $2,500 in your account.

With its top rate, Saddle River Valley Bank squeaks past Hudson City Savings Bank and AmTrust Direct, which both have national money market deals paying 1.25% APY.

Hudson City Savings Bank, based in Paramus, N.J., requires a $2,500 minimum deposit to open a money market account. If you maintain a $2,500 balance, you’ll earn the top rate of 1.25% APY. Balances below that amount earn 1.0% APY.

AmTrust Direct pays its top rate on balances between $10,000 and $149,999. AmTrust Direct, which is now part of New York Community Bancorp., pays 0.50% APY for balances above or below those amounts. A minimum $500 deposit is needed to open a money market account.

Compare this deal with the top money market accounts in our extensive database.

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Comments (2)
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2 Existing Comments
  1. Kathy at Bankaholic said:
    on May 16th at 08:22 am

    You can still get Saddle River and Amtrust’s rates as of May 16, 2011, but Hudson City’s rate is now 1.15% APY.

  2. Mike Cetera said:
    on August 4th at 02:22 pm

    The bank’s MMA rate has droped to 1.25% APY.