When looking to open a money market account at Sterling Savings Bank, formally known as Golf Bank, you have two options. Our Golf Savings Money Market review looks at the details of both money market accounts to see if they are in the running for the title best money market account. Both money market accounts offered by Golf Savings Bank are FDIC-insured. This is a must in order to receive consideration by bank Truth.

Champion Money Market Account Account details

The initial minimum deposit for a money market account is $1,000 at Golf Savings. If at any time your balance falls below this amount you will be zinged a fee of $10.00 per month. There is limit to the number of withdrawals you can make per month from this money market account. It is the expected magic number of six. If you go over this magic threshold of six, you will find yourself charged ten dollars per indiscretion…I mean withdrawal.

VIP Money Market Account

This is where Sterling Savings Bank works to give loyal customers some perks. The VIP money market account from Sterling Savings Bank is only available to customers who have a loan or deposit relationship of $10,000 or more. Once you meet this qualification, then you need to have an initial deposit of $2,500.  As with the Champion Money Market account, you cannot ever go below the initial deposit requirement without incurring a monthly fee. For this higher yield money market account the fee has increased to $15. The fee for making more than six withdrawals in a month is still $10, per item over six.

Interest Rates at Sterling Bank

This is usually the most important section for an investor to consider. A savvy investor wants their deposited funds to be working as hard as possible. Rate information for Sterling Savings Bank money market accounts are not available online. They describe the APY rate attached to the Champion Money Market Account to be “attractive” that is very ambiguous since what is attractive to one person may not be to another. As far as the VIP Money Market account rate, all we know from the website is that the rate is tiered based on the deposited amount. Without more information, it is impossible to determine if either of these money market accounts deserve to be called a high yield money market account.  Rest assured, we have contacted them and will be posting this highly important piece of information soon.

Summary of Golf Savings Bank Money Market Accounts

As of August 2, 2010, Golf Bank merged with Sterling Savings and is currently undergoing the transition  as far as the name goes. Although Sterling Savings Bank offers online banking, they are really not an online bank. Loans may be applied for online, but personal bank services do not have the online application option. This limits you to the phone, if you do not want to drive to Washington, where they have their only physical branch. The lack of rate information online was also frustrating.  I believe these two factors make Golf Savings Bank a less than optimal choice for today’s typical investor.  Please take a look at the best money market rates which lists several high return money market accounts reviewed by Bank Truth.