Money Market Rates 1/12

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:

0.90% Discover Bank Online Savings
0.90% American Express High Yield Savings
0.85% Urban Partnership Bank Online Savings
0.84% Ally Bank Online Savings
0.80% ING Direct Orange Savings
0.80% HSBC Advance Online Savings
0.70% FNBO Direct Online Savings
0.40% Western FCU Money Market
0.15% E*TRADE Complete Savings
0.15% Chase Plus Savings
0.10% Citibank Savings Plus
0.10% Travis CU Flexible Money Market
0.06% Patelco CU Money Market Account

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 1/16/12. 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. I have included a few credit unions in the list so that readers have a comparison point with banks.

Discover Bank and American Express are currently tied for the highest interest rate of 0.90% among the banks that I'm tracking. A one-time favorite, Ally Bank Online Savings has dropped a few positions in my list. Rounding out the bottom of this list are two credit unions, Travis CU, and Patelco CU. I question the motives of those who have encouraged others to transfer their money from banks to credit unions during Bank Transfer Day last month. The credit unions on my list are on par with Citibank, which is really the bottom of the heap, as far as banks are concerned.

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, but I won't be transferring the funds to a credit union.

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