Money Market Rates 10/11

Here are the latest money market interest rates of the banks that I've been tracking on my blog. Note that these rates are sorted by APY, and represent institutions that I have accounts at, or have otherwise mentioned in my blog:

1.00% Discover Bank Online Savings
1.00% American Express High Yield Savings
1.00% Urban Partnership Bank
1.00% ING Direct Orange Savings
0.99% Ally Bank Online Savings
0.80% HSBC Advance Online Savings
0.70% FNBO Direct Online Savings
0.45% Western FCU Money Market
0.25% E*TRADE Complete Savings
0.15% Chase Plus Savings
0.10% Citibank Savings Plus

In some cases, MMA interest rates are tiered. If this is the case, I usually report the interest rate at the $10,000 tier in these updates.

Rates are believed to be accurate as of 10/5/11. I did not include banks that had special, or introductory rates in the list because they are not ongoing interest rates. I am also not including non-liquid accounts such as CD's in the list. At the request of readers, I added American Express and FNBO Direct to the list of institutions. Discover Bank, American Express, Urban Partnership Bank, and ING Direct currently have the highest interest rate of 1.00% among the banks that I'm tracking. By the slimmest of margins, Ally Bank Online Savings has dropped 3 positions in my list. This is because they have dropped their rate to only 0.99%.

At the very bottom of the list is Citibank. However, they do have a special promotion going on until the end of October where you can get either $200 or $400 for opening a new Citi Checking Account. Of course, there are a few catches to this offer. First of all, you are required to set up direct deposit, and need to make electronic bill payments for at least two months. The Citibank account offers a $200 bonus, and the Citigold account offers a $400 bonus. While not a requirement to receive the bonus, you need to keep $6,000 ($15,000 after December 9, 2011) in the Citibank account to avoid a $20 monthly fee. And $50,000 is required to avoid a $30 monthly fee for the Citigold account. In spite of these potential fees, this bonus offer might be worthwhile for some depositors.

It seems that the general interest rate trend is down. I was especially disappointed that the interest rates for Citibank and Chase were so low. Since I still have significant funds in these institutions, I think that it is time for me to consider moving some money around to other institutions.

So, that is the latest list of money market rates. Please let me know if you know of any higher interest rates.

DC

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