Suntrust Bank Ratings -  Money Market Account

Suntrust Bank’s money market account is well below average compared to similar banks.  It all starts with the interest rates offered at the bank.  The APY is only 0.05% for accounts funded up to $10,000, and the rates increase up to 0.30% if one has at least $250,000 invested.  Considering that the national average is approximately 0.80% APY for a money market account, Suntrust Bank comes near the bottom in regards to their rates.  While one only needs to have $100 as far as a minimum opening deposit requirement, they need to have at least a $5,000 balance in order to avoid a $15 service fee each month.  This begs the following question: why have the minimum opening deposit so low when one needs to have so much more in order to avoid paying service fees?  It is almost as if Suntrust Bank is trying to have its customers pay the service fee so they can increase their profits that much more.  Interest on the account is compounded daily and paid monthly, and is FDIC insured up to $250,000. 

Money Market Rating