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The One MMA To Make Us Jolly

a santa hat full of cashWe’ve spent a good deal of time lamenting the sad state of money market rates. And with good reason.

They are terrible.

But we’re in a giving holiday mood, so this week we’re dishing praise to EverBank, the only bank that has managed to hold rates above 1% APY.

For 1½ years, EverBank has led or tied our national MMA rankings — something no other bank has come close to attaining.

When the Jacksonville, Fla.-based bank entered our rankings in June 2012 with its guaranteed MMA rates, it paid 1.25% APY guaranteed for six months. As other banks slashed rates, EverBank held the course for a year, finally cutting rates to 1.10% APY six months ago.

That rate on its Yield Pledge Money Market account remains today and is good on balances to $50,000.

After the guaranteed bonus period is up, the bank pays the standard MMA rate, which now is 0.61% APY.

That standard rate isn’t competitive, so treat this account like a 6-month CD.

While you need a minimum deposit of $1,500 to open an account, you don’t need to keep a certain amount in your account to earn interest, and the account has no monthly fees.

After EverBank, there are a half-dozen banks that pay at least 0.90% APY.

IncredibleBank (www.incrediblebank.com) pays 0.91% APY on balances to $249,999. You need to make a deposit of at least $2,500 to open an account, and if your balance falls below $2,500, you’ll pay a $10 monthly fee. IncredibleBank is the online division of River Valley Bank, based in Wisconsin.

Evantage Bank (www.evantagebank.com), AmericaNet Bank (www.americanetbank.com) and Redneck Bank (www.redneckbank.com) all pay 0.90% APY. The three banks are owned by an Oklahoma banking family. The highest rate is paid on balances to $35,000. Balance portions above that earn 0.50% APY. There is no minimum deposit requirement to open an MMA, and the account has no fees.

Evantage Bank is the online division of Southwest State Bank in Sentinel, Okla.; Redneck Bank is the online division of Bank of the Wichitas in Snyder, Okla.; and AmericaNet Bank is the online division of All America Bank in Mustang, Okla.

Sallie Mae Bank (www.salliemae.com) pays 0.90% APY on your entire account balance. There’s no minimum amount required to open an account, and there are no monthly fees. The bank, based in Salt Lake City, is owned by the student loan company.

Union Federal Savings Bank (www.unionfsb.com) also pays 0.90% APY with a $2,500 minimum initial deposit. You don’t need to keep that much in your account to earn interest, and the MMA has no fees. The bank began as a community bank in North Providence, R.I., but now is an online bank.

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

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