bank rates

Two Banks Offering Top MMA rates

AmTrust Direct and My Banking Direct both offer 1.25% APY on their money market accounts.There’s even more incentive to put your cash in a money market account, since the top savings account leader dropped its rates last month.

AmTrust Direct and My Banking Direct are offering the best nationally available MMA rates at 1.25% APY.

SFGI Direct (, the savings leader, has repeatedly slashed rates, and is now offering 1.16% APY.

None of those offers is quite as good as the best 12-month CD rates, 1.33% APY, available from Bank of Internet ( with a $1,000 minimum deposit.

AmTrust Direct ( pays its top rate on balances between $10,000 and $149,000. Anything above or below that amount pays 0.50% APY. It takes a $500 minimum deposit to open an account.

My Banking Direct (, which like AmTrust Direct is part of New York Community Bank, pays its top rate on balances of $5,000 or more. It takes $5,000 to open an account.

If you have less than $5,000 in your My Banking Direct MMA, you’ll earn 0.25% APY.

New York Community Bank has more than 200 branches in New York, New Jersey, Florida, Ohio and Arizona.

Your next best choices are:

  • 1.15% APY from Incredible Bank ( with a $2,500 minimum deposit. The online division of Wisconsin-based River Valley Bank pays 1.15% APY on balances between $2,500 and $99,999, while balances between $100,000 and $249,999 earn 1.25% APY.
  • 1.15% APY from Sallie Mae Bank (, an online bank owned by the student lender with a single branch in Murray, Utah. There is no minimum deposit requirement.

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

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Comments (4)
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4 Existing Comments
  1. Mojave Jack said:
    on July 18th at 10:29 pm

    Why no mention of Morrill & James Bank’s Elite Checking with an APY of 1.26% on a daily balance of $1500 or more?

  2. Mike Cetera said:
    on July 19th at 09:31 am

    Mojave Jack: We wrote about Morrill & Janes earlier this year before the Kansas bank cut its rates. But it never hurts to bring up this account again, which still offers a good deal with few strings attached. There is a monthly fee of $6 assessed if your average monthly balance falls below $1,500.

  3. Kathy at Bankaholic said:
    on July 25th at 11:21 am

    These rates are all still available.

  4. Kathy at Bankaholic said:
    on August 8th at 09:01 am

    These rates are still available except for SFGI Direct’s and Bank of Internet’s, both of which have been cut.