Hudson City Money Market Account

Hudson City has a money market that earns 1.25% APY. This money market rate applies to balances of $2500 and more. If your balance fall below 2500 you'll earn 1% APY. This rate is current as of 3/22/11. The Hudson City MMA account features:

  • Interest rates are subject to change without notice
  • Interest is compounded daily and monthly
  • Statement format
  • Limited withdrawals and transfers
  • Insured by Federal Deposit Insurance Corp. (FDIC)
  • Telephone banking

Hudson City also offers a money market checking account that earns interest. Balances of $25,000 and up earn a higher interest rate, which is currently 0.85 percent APY. Accounts with balances below $25,000 earn 0.6 percent APY. Money market accounts with balances of less than $10,000 are charged a $10 monthly fee. Accounts also have limited check writing and third party payments, unlimited deposits and in-person withdrawals and free debit/ATM cards.

Bank accounts at Hudson City are available to individuals who live or work in New York, New Jersey, Connecticut, Pennsylvania and Delaware. Accounts can be opened online. Hudson City has been named by Forbes magazine to be among the best managed banks in America.

EverBank Yield Pledge MMA Tops Savings

EverBank's Yield Pledge Money Market Account is currently yielding a first year APY of 1.51%, soundly beating the national average for money market rates by nearly 75%. The 1.51% APY does, however, come with a few strings attached.

To begin with, rate is actually 1.26% APY but it comes with a 3 month promotional rate of 2.25% APY which averages out to 1.51% over the course of 12 months. As of now the second year will feature the 1.26% APY but keep in mind this is a variable interest rate that is subject to change at anytime, which means it could potentially go up or down.

Secondly, although the minimum balance required for this account is $1,500 you will have to maintain a minimum balance of at least $5,000 to avoid the monthly fee of $8.95. So if you were to simply open this account with the minimum balance requirements your accrued interest would be completely wiped away with fees (and them some).

Unless you can maintain a $5,000 monthly balance this account is not worth it. However, if you generally keep a large amount of money in your liquid savings accounts then this account will provide you with one of the top FDIC insured money market yields on the market.

Zions Bank Internet MMA

Zions Bank has an Internet money market account with an annual percentage yield (APY) of 1.11%. The money market rate is currently one of best rates for a money market, compared with the average of 0.33% APY. The money market rate is current as of April 26, 2010. Details of the money market offer include:

  • Minimum opening deposit if $1,000
  • Must have a balance of at least $2,500 to earn promotional money market rate
  • Interest is variable and can change at any time
  • Fees may reduce earnings

Zions Bank also has an Internet savings account with a 1.11% APY. To earn the interest rate you must have a balance of $1,000, but the minimum opening deposit is $100. The interest rate for the online savings account is variable and can change at any time. The savings account is only available to consumers and can also be opened in the name of a trust.

Both online accounts have no monthly fees or minimum balance fees. They are also insured by the Federal Deposit Insurance Corp. (FDIC). Both the savings account and money market account can be accessed online 24 hours a day. Zions Bank is based in Salt Lake City.