bank rates

Park Your Cash In A Top-Paying MMA

There’s something to be said for consistency these days.

While savings account rates tend to be sinking, and rewards checking deals are falling by the wayside, the best nationally available money market accounts continue to hold their own.

Hudson City Savings Bank and AmTrust Direct have led our rankings for more than two months with the same rate of 1.25% APY.

That puts them on par with the best nationally available savings account rate offered by Salem Five Direct, the online division of Salem Five Bank in Salem, Mass.

A money market account at Hudson City requires a minimum deposit of $2,500, and you need to keep that amount in the account to earn 1.25% APY. Balances below that amount earn 1.0% APY. The bank, based in Paramus, N.J., has more than 100 branches in the Northeast.

To earn the top rate at AmTrust Direct, you need to have between $10,000 and $149,999 in your account. The online division of AmTrust Bank of Cleveland pays 0.50% APY for balances above or below those amounts. It requires a $500 minimum deposit to open a money market account.

The next-best available rates are:

1.11% APY from Flagstar Direct. There’s no minimum deposit required to open an account, and no minimum balance required to earn 1.11% APY. Flagstar Direct is the online division of Flagstar Bank, which has more than 160 branches in Michigan, Indiana and Georgia.

1.05% APY from Discover Bank, for balances between $10,000 and $99,999. Balances of $100,000 and above earn 1.10% APY. Balances of $2,500 to $9,000 earn 1.00% APY. A minimum deposit of $2,500 is required to open an account. Discover Bank is owned by the credit card company and is based in Greenwood, Del.

1.05% APY from Nationwide Bank. There’s no minimum amount required to open the account, and the rate is good on all balances. Nationwide Bank is based in Columbus, Ohio, and is owned by Nationwide Mutual Insurance Co. and its affiliates.

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