Bank of America Money Market Account

So you are wanting a tiered money market, FDIC insured, deposit account that allows easy access to your money? Well, Bank of America maybe the place to go. If this is what you are looking for, please read on. If it is not, then jump to my summary of Bank of America’s money market account and find out what I learned about one of the largest financial institutions in America.

Features of Bank of America Money Market Account –

Yes, Bank of America does offer tiered interest rates so, in theory, you can earn more as your balance rises. However, at .15% APY on an initial deposit of $25, you will not be earning much initially. To be fair, this initial interest rate is better than Chase Bank at .10%. Ally or Capital One Bank both have over 10 times better APY rates and they are among the best interest rates for online money market accounts. Bank of America does offer a ‘rate bonus.’ This bonus rate is achieved by making sure you deposit a minimum of $250 into your account each month. This bonus rate would more than double your profits at .40% APY. The national average for money market accounts, according to bankrate.com is .80% so, still significantly more than what the bonus rate offers. You can come close to the national average if you have $100K to deposit. Hmmm . . . You can make unlimited withdrawals, deposits and transfers at a Bank of America ATM or banking center. Any other withdrawals (phone, internet, atm card or automatic transfer) are limited to 6/month. You may connect this account with your Bank of America checking account and use it as a source of overdraft protection.

Rates and Fees –

The tiered interest rates break down this way: up to $10K will get you .15%, from $10K up to $50K will get you .35%, from $50K up to $2,500K will get you .55%. The bonus rates are .40%, .60%, .75% (for $50K to $100K), and .80% respectively. A monthly fee of $10 will apply unless you link your money market account to your Bank of America checking account. The other way to avoid the monthly fee, is to make sure your balance does not drop below $5K.

Summary of Bank of America Money Market Account –

So, you have heard that tiered interest accounts are good; however, is the trade-off worth it? When other high yield money market rate accounts, such as Ally and Capital One, are truly high interest money market accounts, why would anyone deposit money in an account with such dismally low APY, even with the tiers? You can compare other high yield money market accounts on our website, or even watch some very informative bank review videos as well. If you are still interested in learning more, please see our full review of Bank of America.

EverBank’s Yield Pledge® Money Market Account earned the distinction of “best of breed” by Money

Magazine in 2007. With this high interest savings

account you’ll earn an APY in the top 5% of competitive accounts.

The Average Investor

The Yield Pledge Money Market account is one of the best savings accounts for online banking but has a variable rate. A variable rate means the current APY may change without notice. The Annual Percentage Yield for all balances is currently 1.26% . First-time Yield Pledge Money Market account holders get a three month Bonus Interest Rate and New Account First-Year APY offer on their new… [Continue Reading - EverBank Money Market Account]

Take a detailed look at Stonebridge Bank’s best money market account. You will be glad you did.

Premier Money Market Account –

The Premier Money Market account is quite practical and offers a comparatively high-yield investment. Stonebridge Bank may not be top dog at 1.0% APY, but is within shooting range at least. If you would like to compare Stonebridge’s money market account with accounts offered by other banks, simply read the posts at Bank Truth under best money market rates. Interest is compounded daily and credited monthly. Keep a minimum balance of $1K and you will avoid the monthly service charge. Like many other bigger named banks, it… [Continue Reading - Stonebridge Bank Money Market Account]

Bank of Internet Money Market Account – first place, last place, or somewhere in between.

In this review of Bank of Internet money market accounts we will look at the specifics of the offered high yield money market account. In the race for best money market account, we will determine if Bank of Internet is a top finisher, in the middle of the pack, or dead last.

To open

Bank of Internet requires a minimum initial deposit of $100; however, there is not a minimum daily or monthly balance requirement.  You may open your account with an electronic check or a personal check.

Account features of Bank of Internet MMA

Bank of Internet offers… [Continue Reading - Bank of Internet Money Market Account]

Money Market Accounts from Chase Bank…

High Yield or Low Yield?

In the vast expanse of products and services offered by Chase Bank, let’s pull out the details on their money market accounts and see if they can be called one of the best money market accounts available online.

Chase money market savings account

Opening a Chase Money Market Account and the package benefits

The first deposit account is the Chase money market savings account. You can apply for an account online and with online banking services; you can see statements as well as receive e-mail alerts for free… [Continue Reading - Chase Bank Money Market Accounts]

Top 100 Money Market Account, Highest Yields

Nationwide Bank does a lot of things well and having one of the best money market rates is part of their tradition of excellence.  Bank Rate, an independent interest rate comparison website, named the Nationwide money market account “Top Tier, 100 Highest Yields” for the first quarter of 2010 (second quarter rankings are not yet available).   And since the purpose of a money market account is to marry maximum flexibility with the highest current money market rates, you can feel confident you will have frequent access to your money while it is growing at one of the fastest rates available.  There is a minimum opening deposit and daily balance requirement of $1,000.

Benefits of a Nationwide Bank High

Money Market Accounts from NOVA Bank

Personal Money Market Account

In order to open a new money market account at NOVA bank,  the initial deposit requirement is $1,000, if it is a personal account.  This is also the required amount you need to maintain in order to avoid a monthly service fee. You do have a limited number of allowed transactions each months so be careful with the ATM card that is offered with the account.

Business Money Market Account

The initial deposit requirement is $2,000, if it is a business money market account. You also need to maintain this $2,000 daily minimum balance in order to avoid the monthly $10 fee. This is the only real difference between the personal and business money market accounts at NOVA Bank. The… [Continue Reading - How does NOVA's money market account stack up?]

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… [Continue Reading - Nexity Bank money market accounts…not the best rates.]

The Ally Bank Money Market Account

Saving when you need to spend or spending when you need to save—sometimes it is hard to know your top priority at the moment. An Ally Bank Money Market Accounts can take the confusion out of managing your money because it earns high interest rates—often better than standard savings accounts—but with the flexibility of a paper checks or a debit card in one simple account. It is simply one of the best money market accounts available.

How Ally Money Market Works

Ally Bank has made money market accounts almost foolproof. There is no minimum balance to open an account but the moment you open it, it begins earning interest better than most savings accounts. The current… [Continue Reading - The Totally Free Money Market Account from Ally Bank]

New Dominion Direct now features their own Money Market Accounts. The minimum to open a money market account is $3,000 so you will easily be able to see your balance growing. The high money market rates run about 1.30% APY and 1.29% as the interest rate. However, even though you can see the digits adding up, you will not recieve the compounded interest until the end of the month, much like any other bank. In order to capitalize on your compounded interest, it is recommended to maintain a $3,000 minimum deposit or the $5,000 average daily balance. If you cannot meet this standard, then a $15 fee will be charged. Another precaution to [Continue Reading - NewdominionDIRECT.com "sums" up High Yield Money Markets]