Best Money Market Funds
Money market does not offer the same high yield rates as are available in certificates of deposits. Yields are however higher than average savings account especially those with lower maturity dates.
The best money market rates in US, as of May 2010, are as follows. Sallie Mae is offering the highest APY at 1.40% and it does not have any minimum deposit requirements.
US best money market rates with the second highest APY are offered by Discover Bank and Capital One Direct Banking; they are both offering an APY of 1.35% and ask for a minimum deposit of $500 and $2,500, respectively.
American Express Bank ESB offers an APY of 1.30% and does not have any minimum deposit requirement. Colorado Federal Savings Bank and newdominionDIRECT.com are also offering an APY of 1.30% but ask for an opening balance of $2,500 and $3,000, respectively.
Ally Bank rates are also included among the best money markets. They are currently estimated at 1.29% APY with no requirement of minimum balance. EverBank offers an APY of 1.26% for a minimum opening balance of $1,500. FNBO Direct is offering an APY of 1.25% for a minimum opening balance of $1. OneWest Bank and Nationwide Bank are also offering an APY of 1.25% and have a minimum deposit requirement of $1,000. Other banks whose APY is greater than 1.20% include iGobanking.com and giantbank.com; both of them are offering an APY of 1.21% with a minimum deposit requirement of $1 and $1,000, respectively.