Interest rates seem to be constantly changing these days. Since it is a constantly moving target, it is hard to keep track of the rates that I've been getting in my various money market accounts. I've decided to compile a list of the annual percentage yields (APYs) for institutions that I have accounts at, or have otherwise mentioned in the blog. These rates are sorted by APY.
3.65% Countrywide SavingsLink
3.50% HSBCDirect Online Savings
3.40% Umbrellabank Pot O'Gold Money Market
3.30% Washington Mutual (WaMu) Online Savings
3.15% E*TRADE Complete Savings
3.00% ING Direct Orange Savings
2.65% Citibank Ultimate Money
2.43% Western FCU Money Market
2.33% PayPal Money Market
2.30% Guaranty Bank Gold Rewards Money Market
1.65% TD Ameritrade Money Market
Rates are believed to be accurate as of 7/1/08. I did not include banks that had special, or introductory rates in the list because these are not ongoing interest rates. I am also not including non-liquid accounts such as CD's in the list.
My own assessment is that Countrywide has the best money market rate. For those people who are not comfortable with an online only account, I would recommend WaMu's Online Savings. Although that account has to be opened online, you can use a local branch for most transactions. I will probably close out one or more of the accounts that are paying me a lower interest rate.
Does anybody know of any money market rate better than Countrywide's 3.65% SavingsLink account. If so, I'll add it and update my list.