At Austin Capital Bank, Texans can round up an MMA paying 1.11% APY, with the rate guaranteed through the end of September.
There’s only one nationally available money market account paying more.
EverBank of Jacksonville, Florida, will pay you a guaranteed 1.40% APY on balances to $50,000 with a Yield Pledge MMA for the first six months after you open your account.
After the six-month bonus period ends, the rate drops to 0.61% APY, giving you an annual APY of 1.01%.
It takes a minimum deposit of $1,500 to open a Yield Pledge MMA, but you don’t need to keep a certain amount in your account to earn interest. You pay no monthly fees. Balances above $50,000 earn 0.61% APY.
At Austin Capital Bank, you’ll need to have at least $10,000 in your account to earn 1.11% APY.
You won’t earn any interest if your balance falls below that amount, and if it drops below $1,000, you’ll have to pay a $9.99 monthly service fee.
In October, your rate will drop.
Currently Austin Capital Bank is paying 0.30% APY for balances of $1,000 to $9,999. Balances of $10,000 to $99,999 earn 0.50% APY. Balances of $100,000 or more earn 1.00% APY.
If you have at least $10,000 to set aside, an MMA with the Austin, Texas-based bank is a good place to park your cash for the short term.
In the coming months, the Federal Reserve should start pushing interest rates higher, allowing you to move that money into more lucrative, longer-term CDs.
In the interim, if you’re a Texas resident, you can open an account online or in person at Austin Capital’s one location, 8100 Shoal Creek Blvd.