Nexity Money Market Accounts

Nexity offers three varieties of high rate money market accounts. In this review we will discuss the regular money market account and the business money market account together since they are so similar in requirements and features. Then we will take a look at what Nexity terms it’s money market advantage account.

The first two accounts, personal money market and the business money market account, have a minimum initial deposit requirement of $1,000. The difference between the two bank accounts is that (although you can open them both with the same initial deposit) you must keep $5,000 in the business account to avoid a monthly fee and only $1,000 in the personal money market account. Falling below the minimum will subject you to a $10 monthly fee. The APY for both accounts is o.6%.   Nexity does leave itself the option to offer tiered interest but does not give quotes for tiered rates on their website. That means, whether you have $1,000 deposited or $45,000, you will earn the same amount. Nexity Bank offers a free order of checks with your account set up and also gives you an ATM card for easy access to your funds. An interesting tidbit is that under the disclaimer menu on their website,  Nexity has a list of ATM user precautions that are very good to review.

The highest money market account rate offered by Nexity Bank corresponds to what they call a money market advantage account. This one requires a $50,000 initial deposit, if you are not already a Nexity customer. If you are an existing Nexity customer, you can open this money market account with an initial deposit of  only $25,000, as long as it comes from an external account. The corresponding APY is 0.9%. The disheartening fact if you fall below the $50,000 minimum isn’t that you will pay a fee, but that you will be dropped to a 0.5% APY. Just one month at this lower rate will cost you much more than $10 … more like $20 in lost interest.This high yield money market account also offers you a free first order of checks upon account set up and an ATM card for easy access to your money. The account does not have a tiered APY so more money will not earn you a better rate.

All high yield money market accounts are FDIC insured to $250,000. Thanks to online banking from Nexity you do have access to all your accounts 24/7. This allows you to view account balances and to transfer funds at anytime from the comfort of your home. They also offer free telephone banking, in the case that you would like to talk to a live person. If you are interested in learning more about Nexity Bank, please see our in depth Nexity bank review.

Honestly, if you have funds that you would like to put into a money market account, I would  suggest that you make another choice. There are other banks out there with much more competitive rates, especially if you have a large amount to deposit. Please see Bank Truths review of money market accounts offered by various institutions. In the list of choices, Nexity bank just does not offer the best rates on the list.