bank rates

Top Money Market Accounts Have Some New Competition As Banks Increase Rates

Incrediblebank and Union Federal Savings Bank have boosted rates.Two banks recently increased their rates on money market accounts, making them competitive alternatives to the top nationally available deals.

You can earn 1.05% APY at both Incrediblebank and Union Federal Savings Bank. That’s two-tenths of a percentage point shy of the rate leaders.

Still, these two banks have offered some positive rate movement, which we haven’t seen since June.

Here are the details:

Incrediblebank (www.incrediblebank.com) boosted its MMA rate from 0.95% APY to 1.05% APY on balances between $2,500 and $249,999. Any portion of your balance above $250,000 earns 0.45% APY.

This account requires a minimum deposit of $2,500 and a minimum average monthly balance of at least that much to avoid a $10 fee.

Incrediblebank is the online division of River Valley Bank of Rothschild, Wis. It has 16 locations in Wisconsin and Michigan.

Union Federal Savings Bank (www.unionfsb.com) hiked its MMA rate from 0.90% APY to 1.05% APY with a minimum deposit of $2,500. The rate is good on all balances.

Union Federal operates a single branch in North Providence, R.I. It’s owned by The First Marblehead Corp., a manager of student loan programs.

Anyone in the country can open a money market account online. Certificates of deposit can be purchased only at the bank branch.

The best nationally available rate remains 1.25% APY. You can earn that yield at EverBank (www.everbank.com) and UFB Direct (www.ufbdirect.com).

When searching for a new account, make sure to check out the top money market accounts in our extensive database.

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