Money Market Rates 101

Today we’re looking at the best money market rates around the country.  Our job here at Money Market Rates 101 is to show you what’s out there so you can see what’s available and how it compares to what you might have now or what you might consider getting.  You never know if your money market rates best.

Ranking by annual percentage yield (APY), a look at national money market rates shows that there’s a fair amount of competition right now.

UFB Direct has a 1.85% APY with a $500 minimum balance to avoid fees.  This is an online-only offer.

Flagstar Bank (MI) has a 1.81% APY with only $1 to open and no fees as a good alternative.

Heartland Bank Direct has a 1.76% APY offer with a $500 minimum to avoid fees and this is also an online-only deal.

Ally Bank (formerly GMAC) offers a 1.73% APY offer on savings (not MMA) to best many money market rates right now and they have no balance requirements.

Two other banks offer that same APY, Bank of Internet (CA) and Beverly National Bank Online (MA), both as online-only offers and with a $100 and $1,000 minimum deposit requirement respectively.

There are a lot of good money market rates available and some of the best money market rates might be right in your neighborhood.  Rates change often, of course, and both savings and money market accounts are variable, so rates are not guaranteed to hold steady.