EverBank continues to top the charts for the best nationally available money market accounts, paying 1.25% APY on its Yield Pledge Money Market.
And it’s an even bigger hit because it guarantees the rate for six months after the account is open.
Once the six-month period is up, you’ll earn the standard MMA rate, which now is 0.76% APY. The best rate applies to balances up to $50,000. Anything above that earns the 0.76% APY.
It takes a $1,500 minimum deposit to open an account, but you’ll pay an $8.95 monthly fee unless you maintain an account balance of at least $5,000.
EverBank, headquartered in Jacksonville, Fla., primarily operates online but also has 14 branches in Florida.
As for nonpromotional rates, we’ll have a new batch of leaders later this month when three online operations owned by an Oklahoma banking family boost rates.
Evantage Bank, Redneck Bank and AmericaNet Bank all have posted planned rate hikes on their websites, scheduled to take effect Nov. 22.
Accounts at each of these banks will pay 1.10% APY beginning then, up from 1.00% APY.
There are no minimum balance requirements and no monthly fees for these Mega Money Market accounts. The top rate goes to balances of up to $35,000. Portions of the balance greater than that earn 0.50% APY.
Evantage Bank (www.evantagebank.com) is the online division of Southwest State Bank in Sentinel, Okla.; Redneck Bank (www.redneckbank.com) is the online division of Bank of the Wichitas in Snyder, Okla.; and AmericaNet Bank (www.americanetbank.com) is the online division of All America Bank in Mustang, Okla.
There are also five banks that pay 1.05% APY:
Sallie Mae Bank (www.salliemae.com) offers an appealing MMA because it has no minimum balance requirement to open an account or earn interest, and the account has no fees. The bank is owned by the student loan company and is located in Salt Lake City.
Union Federal Savings Bank (www.unionfsb.com) requires a $2,500 minimum deposit to open an account but carries no fees, and you don’t need to keep a certain amount in your account to earn interest. Union Federal Savings Bank began as a community bank in North Providence, R.I., but now is an online bank.
Incredible Bank (www.incrediblebank.com) lets you open an MMA with a $2,500 minimum deposit. If you don’t keep at least that much in your account, you’ll pay a $10 monthly fee. The rate applies to balances up to $250,000. Anything above that earns 0.45% APY. Incredible Bank is the online division of River Valley Bank of Rothschild, Wis.
My Banking Direct (www.mybankingdirect.com) requires you to make a $5,000 minimum deposit to open an MMA. If you don’t keep at least that much in your account, you’ll earn just 0.25% APY. My Banking Direct is a division of New York Community Bank.
AmTrust Direct (www.amtrustdirect.com) is also a division of New York Community Bank. Like My Banking Direct, it takes a $5,000 minimum deposit to open an account and earn 1.05% APY. Balances below that earn 0.25% APY.
You can compare these money market rates to the best money market and savings account rates offered by scores of banks in our database.