2.00%? You may be thinking, wait a minute, I’ve seen better offers than that.
If you read the fine print though, you’ll find those ads are touting teaser rates designed to lure you and your money into the bank.
EverBank, for example, promotes the 2.25% APY it pays on money market accounts — for the first three months. Then the yield drops so your actual return for the first full year is only 1.51% APY.
Of course, that’s still better than the truly pathetic average return of 0.37% APY for MMAs.
But Todd and Wade Huckabay, two brothers from a family with a long history in Oklahoma banking, continue to offer the best nationally available deal, much as they did during most of 2009.
Their Mega Money Market accounts pay 2.00% APY on deposits on up to $35,000 (and 1.00% on anything over that).
Those accounts are available through three of their online banks: AmericaNetBank, redneck bank and Evantage Bank.
Of course the rate on all MMAs is variable. But the Mega Money Market account only dropped its yield once in 2009, from 3.10% to 2.00% in April.
Although readers trashed the banks’ customer service last winter, they seem to have corrected most of the problems and the complaints have stopped.
You can use our database to compare this deal with the best money market rates from scores of other banks.
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