bank rates

Top Money Market Accounts Bunched Up

Money market accounts are giving off mixed signals, after the bank offering the best nationally available deal cut its rate last week, just days after two other banks boosted theirs.

The shuffling means eight banks now pay at least 1.00%, and none of them has an offer that’s much better than the next.

EverBank ( leads the pack with a 1.25% APY. Unfortunately, that offer is a six-month promo rate only.

After the promotion expires, you’ll earn EverBank’s standard MMA rate, which is currently 0.76% APY.

You only need $1,500 to open an account, but if you don’t keep a balance of at least $5,000, you’ll pay an $8.95 monthly fee.

The Jacksonville, Fla.-based bank primarily operates online, although it has 14 Florida locations.

The clear-cut winner had been UFB Direct (, which had paid 1.30% APY before it chopped its rate to 1.10% APY.

UFB now offers the second-best rate, paying 1.10% APY on balances to $250,000. You’ll need a minimum $5,000 deposit to open an account, earn interest and avoid a $10 monthly fee. Balances above $250,000 earn 0.25% APY. UFB Direct is a division of BofI Federal Bank, based in San Diego.

Three banks pay 1.05% APY:

My Banking Direct ( requires a $5,000 minimum deposit to open an account, and you need to keep at least that much in your account to earn the best rate. If your balance falls below $5,000, you’ll earn 0.25% APY. The bank is a division of New York Community Bank.

Incredible Bank ( requires at least a $2,500 deposit to open an account. While all balances earn interest, you’ll pay a $10 monthly fee if your balance falls below $2,500. Balances of $250,000 and higher earn 0.45% APY. Incredible Bank is the online division of River Valley Bank of Rothschild, Wis.

Union Federal Savings Bank ( also requires a minimum $2,500 deposit to open an account. You’ll earn 1.05% APY regardless of how much you keep in the account. Union Federal started as a community bank in North Providence, R.I., but now is an online bank.

Three other banks pay 1.00% APY:

Acacia Federal Savings Bank ( requires a balance of at least $25,000.

Evantage Bank ( pays its top rate on balances up to $35,000.

Sallie Mae Bank ( has no balance requirement.

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

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