Money Market Rates 101

The best money market rates are not constant and they are not offered by any single bank or financial institution. Money market rates are expected to change and the following estimates are accurate as of February 5, 2010.

The money market rates February 2010 are as follows. EverBank offers the highest APY at 2.25%; minimum deposit required for this account is $1,500.

February 2010 money market rates with the second highest APY are offered by Franklin Synergy Bank; they are currently offering an APY of 1.75% but ask for a significant minimum deposit of $25,000.

EBSB Direct offers an APY of 1.67% on a minimum deposit of $5,000. Bank of Internet High Yield Savings offers an APY of 1.60% on a minimum deposit of $100. Capital One Costco also offers the same APY of 1.60% on a minimum deposit of $5,000.

CNB Bank Direct offers an APY of 1.50% and has a nominal minimum deposit regulation; they simply want a $1 minimum deposit.

American Express Bank FSB offers an APY of 1.50% and also asks for a basic deposit of $1. Dollar Savings Bank, however, asks for a minimum deposit of $1,000 for the same APY of 1.50%. First Trade Union Bank asks for an even greater minimum deposit of $2,500 for an APY of 1.50%.

Ally Bank is known for its no deposit regulation; it offers an APY of 1.49%. Nationwide Bank offers an APY of 1.45% if customers have deposited at least $1,000 in their account.