bank rates

Top MMA Pays Better Than Savings

AmTrust Direct is paying 1.25% APY on its MMAIf you’ve got extra cash to sock away, money market accounts continue to squeak past savings accounts when it comes to offering the best nationally available rates.

Your best bet is still AmTrust Direct, which has held steady on its 1.25% APY offer since we started tracking national MMA rates in February.

But unlike a savings account, AmTrust Direct only pays the top rate on a balance of at least $10,000. Balances of less than $10,000 (or greater than $149,999) earn a more modest 0.50% APY.

You need a $500 deposit to open a money market account at AmTrust Direct, which is part of New York Community Bank. There are more than 200 branches in New York, New Jersey, Florida, Ohio and Arizona.

The other top MMA rates are:

1.15% APY from Incredible Bank, the online division of River Valley Bank, which has 16 locations in Wisconsin and Michigan. To open an account, you need a $2,500 minimum deposit, and balances up to $99,999 earn 1.15% APY. Balances between $100,000 and $249,999 earn 1.25% APY.

1.15% APY from Sallie Mae Direct, an online bank owned by the student lender with a single branch in Murray, Utah. This account requires no minimum deposit and no minimum balance.

1.11% APY from Flagstar Direct, the online division of Flagstar Bank, which has 180 branches in Michigan, Indiana and Georgia. There is no minimum deposit or minimum balance requirements.

Compare these deals with the best MMA rates from scores of banks in our extensive database.

Or use our savings calculator to see how much you can earn with any money market account.

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Comments (2)
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2 Existing Comments
  1. Susan Ladika said:
    on June 23rd at 01:55 pm

    My Banking Direct, another online bank owned by New York Community Bank, is now offering a money market at 1.25% APY, tying AmTrust Direct for the top national deal. You need a minimum $5,000 deposit to open an account and earn the top rate.

  2. Kathy at Bankaholic said:
    on July 11th at 06:53 am

    These rates are all still available as of today.