bank rates

The 5 Top Money Market Accounts

You'll earn an MMA rate of 1.25% on the best accounts.While the best nationally available money market and savings accounts pay the same rate, MMAs offer more deposit options to savers.

You’ve got three nationally available MMA choices these days — TIAA Direct, EverBank and UFB Direct — that pay 1.25% APY.

In comparison, TIAA Direct has the only savings account that pays as much.

TIAA Direct grabbed the top spot in our MMA rankings when it launched its account in February, and the rate hasn’t changed.

It also has the easiest terms for earning the top rate.

Simply open an account with a $25 minimum deposit. There’s no minimum balance requirement or monthly fees on the account.

TIAA Direct (www.tiaadirect.com) is a division of TIAA-CREF, which is best known for providing retirement services to teachers.

In July, both EverBank and UFB Direct began paying 1.25% APY on their MMAs.

EverBank guarantees the rate on its Yield Pledge Money Market for six months. After that, the rate will drop to the rate on a standard MMA, which currently is 0.76%.

You’ll need at least a $1,500 deposit to open an account, and the best rate is available on balances to $50,000. Balances above that amount earn 0.76% APY.

And if you don’t keep a minimum of $5,000 in your EverBank MMA, you’ll be charged an $8.95 monthly fee.

The bank (www.everbank.com) is based in based in Jacksonville, Fla., and has 14 Florida locations, although it’s primarily an online bank.

Your other choice is UFB Direct, which requires a $5,000 minimum deposit to open an MMA, though any money you have in your account earns interest. However, if you don’t keep $5,000 on hand, you’ll pay a $10 monthly fee.

The rate is good on balances to $250,000. Portions of your balance above that amount earn 0.25% APY.

UFB Direct (www.ufbdirect.com) is a division of BofI Federal Bank, based in San Diego.

Two other banks pay at least 1.00% APY on nationally available money market accounts.

My Banking Direct (www.mybankingdirect.com) cut its rate this month to 1.05% APY from 1.15% APY. It takes a $5,000 minimum deposit to open an account, and you need to keep that much in your account to earn the best rate.

Balances below $5,000 earn 0.25% APY.

The bank is a division of New York Community Bank, which has more than 200 branches in New York, New Jersey, Florida, Ohio and Arizona.

Acacia Federal Savings Bank (www.acaciafederal.com) has a top rate of 1.00% APY on its Tiered Money Market account. You must deposit at least $1,000 to open an account. Balances of $25,000 and higher earn 1.00% APY.

Balances of $10,000 to $24,999 earn 0.50% APY. A balance below $10,000 earns 0.25% APY.

The bank is based in Falls Church, Va., and is a subsidiary of Acacia Life Insurance Co.

You can see how these rates compare to the best money market and savings account rates offered by scores of banks in our database.

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