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Complimentary Banking Newsletter Bank News Industry Insights & Info

1.05% APY Best money market rate with My Banking Direct

Posted by Jesse Shand On Oct - 6 - 2018

My Banking Direct is still providing an attractive interest rate for their money market account. You can earn an interest rate of up to 1.05% APY when you open an account. You meed to make an initial deposit of $5,000 to open this best money market account. You must maintain at least $1,000 on your money market account to avoid the monthly service fee.

This money market deal is a tiered rate account. For you to earn the highest interest rate offered by the bank which is 1.05% APY, you must maintain an average daily balance of $5,000 or more. If your balance goes below $5,000, you will earn an interest rate of 0.25% APY. Please note that it is the discretion of the bank when to change the interest rate offered.

1.25% APY Best money market rate with Amboy Direct (ends on 31 December 2012)

Posted by Jesse Shand On Jul - 18 - 2018

Amboy Direct has an ongoing promotion with their money market account called Money Market Max Plus. This money in the bank deal is offered to new customers residing in the state of New Jersey with existing checking account. Your checking account does not have to be with Amboy Direct, you can use your checking account with another bank. Then all you need to do is to link it to your money market account with Amboy Direct.

This money market deal is tiered and has the following current interest rates:

  • earn 0.25% APY for balances of $5,000 to $49,999
  • earn 1.25% APY for balances of $50,000 to $250,000

Consumers who wants to earn these best money market rates will have to make an initial deposit of $100 to open an account.

More money market fund changes to come

Posted by Jorja Marion On Jul - 11 - 2018

The Securities and Exchange Commission is pondering another round of regulatory changes for money market funds on the heels of reforms already approved in 2010.

And they are stirring a firestorm of debate. The two new proposed reforms are aimed at making money markets even safer for investors after the financial crisis in 2008. The proposals would reduce investor withdrawal windows and change how funds are priced.

Shoring up money fund stability is the goal, SEC Commission Chairman Mary Schapiro has said. In 2008, one money market fund fell below its $1 per share price, called “breaking the buck.” To stem investor panic, the government stepped in and guaranteed money market fund deposits.

To avoid a return of that scenario, the SEC approved stringent money market fund reforms in 2010, requiring higher quality securities and increasing a fund’s cash on hand.

1.02% APY Best money market rate with Massena Savings & Loan

Posted by Jesse Shand On Jun - 10 - 2018

Massena Savings & Loan offers a competitive interest rate for their money market account. This money market deal is tiered and lets you earn an interest rate of 0.51% APY up to 1.02% APY. The minimum opening balance is $2,500, you must also maintain this balance or have a larger deposit to earn this best money market rate.

The interest earned from your money market account is compounded and paid every month. The dividends are deposited every last business day of the month. If account is closed before the month ends, then the accrued interest will be paid on the day of the closure of account.

Amalgamated Bank: 1.25% APY 13-Month CD, 1.10% APY Money Market Account

Posted by Jesse Shand On Apr - 18 - 2017

Amalgamated Bank is offering promotional rates on a 13-Month CD and the Hard Working Money Market account that could attract customers away from popular banks.

Amalgamated Bank is a New York City-based institution operating 27 retail branches in New York, Nevada, New Jersey, California, and Washington, D.C. and holds $4.5 billion in assets.

Amalgamated Bank is currently advertising a 13-Month CD paying 1.25% APY and money market rate of 1.10% APY.