Top Money Market Accounts
In search of the best return on investment I present the top money market accounts to help you. This is the best way to know what is available in this conservative type of investment.
The best Money Market Rates at this time in May of 2011 is 1.50%. This can be obtained from three separate financial institutions.
The first one is called Redneck Bank. This is the online division of the Bank of Wichitas. They are currently offering the 1.50% APY on their Mega Money Market Account. This is a viable for all balances less than $35,000. For amounts over $35,000 the APY is 1.00%. There is no monthly fee associated with this account.
The other two are Evantage Bank and Americanet Bank. Unfortunately, both website are still advertising this rate but there are huge Sold Out sign on the page.
The next best rate is from Gogebic Range bank at 1.35%. Unfortunately you must live within a 3 county area of the bank in the state of Michigan to receive this rate.
Am Trust Bank has the next best rate which is earning an APY of 1.25%. This is on balances over $10,000 but under $150,000. For balances under $10,000 the rate is an APY of 0.50%
The Incredible Bank is offering a money market account that is earning an APY of 1.25% for balances between $100,000 and $249,999. For balances between $2,500 and $99,999 the APY is only 1.15%.
Remember the money market accounts allow for only 6 withdraws a month before you will be charged a fee. If you balance drops below the set limit on any one day, you could have a change in the APY you could have earned.
These are the Top Money Market Accounts as of May 18, 2011.