Money Market Rates 101

We here at Money Market Rates 101 know that money markets do not offer the same high yield rates as one can find in certificates of deposits or other savings accounts. Yields are higher but there are rapid fluctuations that can change the fortunes of an investor. A regular update is necessary for investors to abreast themselves with the latest financial indicators.

The best money market rates in US, as of April 2010, are as follows. Bank of Internet USA is offering the highest APY at 1.40% and there is a minimum deposit requirement of $100 for this account.

US best money market rates with the second highest APY are offered by Discover Bank and Colorado Federal Savings Bank; they are currently 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. Dollar Savings Direct and newdominionDIRECT.com are also offering 1.30% APY but ask for an opening balance of $1,000 and $3,000, respectively.

Ally Bank money market rates hover around 1.29% APY with no requirement of minimum balance. EverBank offers an APY of 1.26% for a minimum opening balance of $1,500. Sallie Mae is also offering the same APY and has no requirement for minimum opening balance. Capital One Direct Banking is offering an APY of 1.25% for a minimum opening balance of $2,500 and AIG Bank offers an APY of 1.20% for minimum opening balance of $10,000.