The best bank money market account rates fell by one basis point or 1/100 of a percent for the week ending October 29, 2009.  The average yield of the top ten best bank money market account rates was down from 1.63% in the previous week to 1.62% this week.

The best bank money market rate comes from FlagStar Bank with an interest rate of 1.81%.  FlagStar Bank is a regular bank rate leader and has maintained this money market rate for several months without change.  Hanmi Bank follows distantly behind with a money market account that has minimum deposit of $50,000.00 and an interest rate of 1.76%.

The third highest yielding money market account rate is available at two banks.  Bank of Internet and Nationwide Bank both offer money market accounts that yield 1.70%.  Both of these marketed account rates remained unchanged from the prior week.

Giant bank promotes the next highest money market account rate with a bank account that yields 1.56%.  This rate is followed by Ally Bank and Intervest National Bank which offer money market account interest rates of 1.55%.  Two more banks, EverBank and AIG Bank fall four basis points back with bank rates set at 1.51%.  NewDominion Bank wraps up the top ten best money market account rates with a money market account that has an interest rate of 1.50%

For the week, three banks reduced their rates where none of the interest rate reductions being significant large enough to alter the bank names on the list.  The rate reductions at Ally Bank, Intervest and AIG allowed the banks to remain on the top ten best bank rates even with the lower interest rate offers.

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