Best Money Market Rates - May 2010
Money markets cannot be considered as equivalent of certificates of deposits and other savings accounts. They offer higher yields but there are enough fluctuations in the market that can nip the profits of an investor. They are changed on an almost daily basis but monthly averages are taken out to give an accurate figure.
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 there is no minimum deposit requirement.
The second best money market rates 2010 with the highest APY are offered by Discover Bank and Capital One Direct Banking; they are currently offering an APY of 1.35% and ask for a minimum deposit of $500 and $2,500, respectively.
American Express Bank FSB 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’s best MMA 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. FNBO Direct is offering an APY of 1.25% for a minimum opening balance of $1 and iGOBanking.com offers an APY of 1.20% for no minimum opening balance requirement. Other banks are offering rates lower than 1.20% threshold.