Tuesday, September 4, 2012

Money Market Rates 9/12

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:

0.95% Ally Bank Online Savings
0.90% American Express High Yield Savings
0.80% Discover Bank Online Savings
0.80% ING Direct Orange Savings
0.70% Urban Partnership Bank Online Savings
0.65% FNBO Direct Online Savings
0.40% HSBC Advance Online Savings
0.25% Western FCU Money Market
0.15% Chase Plus Savings
0.10% Citibank Savings Plus
0.10% Travis CU Flexible Money Market
0.06% Patelco CU Money Market Account
0.05% E*TRADE Complete Savings

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 9/3/12. 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.

It seems the Ally Bank Online Savings has regained the top position on this list while increasing their interest rate to 0.95%. Rounding out the bottom of this list are two credit unions, Travis CU, and Patelco CU, and E*TRADE. It seems that I've proven my point about these credit unions, and will likely drop them from future posts. I also wanted to comment on how far E*TRADE had fallen in the past few years. In January 2009, E*TRADE Complete Savings was at the very top of the list with a 3.01% rate. It has now fallen to the very bottom.

These frequent changes show how changeable the money market is. Because this is a constantly moving target, it has been very hard to keep track of the rates that I've been getting in my various money market accounts, and this is the main reason I've decided to compile a list of these annual percentage yields.

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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