Tuesday, April 26, 2011

Money Market Rates 4/11

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:

1.15% Discover Bank Online Savings
1.00% Ally Bank Online Savings
1.00% Urban Partnership Bank** (fmr Shorebank) Online Savings
1.00% ING Direct Orange Savings
0.90% HSBC Advance Online Savings
0.65% Western FCU Money Market
0.30% E*TRADE Complete Savings
0.20% Citibank Ultimate Savings
0.15% Chase Plus Savings
0.07% PayPal Money Market*

NOTES: *The PayPal Money Market fund is NOT FDIC insured.
**On August 20, 2010, ShoreBank was closed by regulators, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. Accounts were transferred to Urban Partnership Bank of Chicago. The FDIC has issued a press release regarding this matter.

Rates are believed to be accurate as of 4/25/11. 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. By a small margin, Discover Bank has the highest interest rate of the banks that I'm tracking.

I was surprised 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.


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Ravi Gupta said...

I believe that there is the American Express High Yield Savings account (1.15%) and First National Bank of Omaha (1.00%). If I'm not mistaken Discover Bank has a minimum balance requirement as opposed to American Express.

-Ravi Gupta

pfstock said...

Thanks for your comment. I was aware of the American Express High Yield Savings, and plan to add it to my next update. The second account you mentioned is more specifically at FNBO Direct, their online bank. I checked with Discover Bank, and there is no minimum to earn the 1.15% rate. However, many of the MMA rates are tiered. I usually report the interest rate at the $10,000 tier in my updates.