bank rates

Where To Find The Top MMA Rates

The top-paying MMA rate belongs to TIAA Direct.It’s a sad state of affairs for money market accounts these days when only three nationally available accounts pay at least 1.00% APY.

TIAA Direct (, which was launched in February, continues to claim the top spot, offering 1.25% APY.

Unlike most MMAs, which have hefty deposit requirements, TIAA Direct only requires that you make a $25 minimum deposit to open an account. And you’ll earn 1.25% APY, no matter how big your balance.

TIAA Direct is a division of TIAA-CREF Trust Co., the big retirement services provider.

TIAA-CREF’s core focus has been providing financial services and planning for those in the academic, medical, cultural, government and research fields.

After TIAA Direct, your best choice is My Banking Direct (, which pays 1.15% APY.

Until recently, My Banking Direct and AmTrust Direct (, which are both divisions of New York Community Bank, were offering MMAs. But now the AmTrust Direct site directs you to the My Banking Direct website if you want to open a money market account.

My Banking Direct has much stiffer account requirements than TIAA Direct. You need to make a $5,000 minimum deposit to open an account, and you need to keep at least that much in your account to earn the top rate. If your balance falls below $5,000, you’ll earn just 0.25% APY.

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

The only other place you’ll earn at least 1.00% APY is with Incrediblebank (

Incrediblebank pays 1.00% APY on balances between $2,500 and $249,999. Anything above that earns 0.60% APY.

You need to make a minimum $2,500 deposit to open an account with Incrediblebank, which is the online division of River Valley Bank of Rothschild, Wis. It has 16 locations in Wisconsin and Michigan.

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

Don't miss out on the next bank deal. Get the newest deals delivered straight to your inbox!

Comments (5)
1 Star2 Stars3 Stars4 Stars5 Stars (3 votes, average: 3.67 out of 5)
5 Existing Comments
  1. Romesh Chander said:
    on April 5th at 09:17 am

    My experience with AmTrust Direct/Mybanking Direct is not happy one. Even though it is an online account, moneys can be transferred only through their MoneyHq which costs $4.95 per month for the first 5 transactions and $1.50 per transaction after that, which eats up all the interest paid and probably some more. There is no mechanism for transfering funds via ACH which should be free (at least it is free at just about all the banks).

  2. SeniorSaver said:
    on April 5th at 11:04 am

    I just noticed that Discover Bank has lowered its MMA rate from .80% to .70% APY for balances under $100k (.75% for balances of $100k+). At the same time, it’s offering a 1.85% 5-year brokered CD through Vanguard, which is 20 basis points higher than it offered three weeks ago (its online 5-year CD remains stuck at 1.75% APY). Someday I’ll figure this all out.

  3. SeniorSaver said:
    on April 5th at 11:11 am

    Correction: The Discover brokered CD is 25 basis point higher than it was three weeks ago. . . .

  4. jojo said:
    on April 7th at 03:52 pm

    TIAA-CREF is not ready for prime-time.
    They may have the best MM rate currently available, but they also have the most unaccountable operations group in the business.
    Customer service is completely disconnected from the way transactions and all account activity actually happens.
    They are clueless, arrogant & misleading.
    The bank routinely makes unauthorized ACH deposits &/or withdrawals and then takes no responsibility for it’s actions.
    Watch your account like a hawk, and don’t expect CSR’s to be able to do anything about it if things go wrong.

  5. Kathy at Bankaholic said:
    on April 16th at 07:04 am

    Incrediblebank has lowered the rate it pays for balances of 250,000 and above to 0.50% APY.