Here are the top mid-September rates for money market accounts:
1) 1.35% annual percentage yield: Two banks offer this rate, and both serve online customers. Discover Bank only requires a minimum deposit of $500. Capital One Bank makes you pony up $1,000 to get this rate, but rewards you with a 10% bonus on accrued interest every quarter.
2)1.3% APY: American Express Bank FSB is promoting this rate for all MMA deposits. That’s right – no minimum balances are needed. For Colorado residents, you can also find this rate at the Colorado Federal Savings Bank in Greenwood – but you’ll have to deposit at least $2,500.
3) 1.26% APY: EverBank (based in Jacksonville, Florida) gives you this yield if you deposit $1,500 or more into your online account. However, you’ll need to maintain a balance of at least $50,000 if you want to avoid the $8.95 monthly service fee.
4) 1.25% APY: Ally Bank in Midvale, Utah is offering this rate without a required minimum deposit. This online bank also compounds interest daily to maximize your return.
Kevin Fleming founded the CreditShout Network in 2008 to help people manage their credit and finances. Kevin wants to make it easy for anyone, regardless of their level of financial knowledge to understand banking and what may seem like the complex world of personal finance.
