The steady decreases in yields on bank money market account rates took a break this week.  While most bank rates headed south again this week with the exception of the long term, five year CD rates which gained some yield for the week, money market account rates held firm.  The average for the top ten best bank money market account rates was unchanged from the previous week.  The average for the highest bank money market account yield available nationwide is 1.42%.

Not only did the average rate for the top ten best bank money market rates remain unchanged for the week, but the composition of the entire list was unaltered week over week.  The highest money market account rate continues to be the online bank account offered by Bank of Internet with an interest rate of 1.60%.  Three banks share the second best rate available nationally at 1.50%.  The three second best rates come from Nationwide Bank, NewDominion Bank and Discover Bank.

Ally Bank offers a money market account at 1.49% that falls into third position.  This money market account is followed by Giant Bank which promotes a money market account that earns a rate of 1.41%.  A ten basis point drop behind Giant Bank is the online bank account of iGOBanking that has a yield of 1.31%.

The final three banks on the list of the top ten best bank money market accounts includes Stonebridge Bank, AIG Bank and H & R Block Bank.  All three of these banks have money market accounts with an interest rate of 1.30%.

As the economy very slowly works through this recent slowdown ( disaster ), rates are not expected to rise in the short term.  Since money market account rates are short term rates, there is less of an expectation that these bank rates will move up. 

The enclosed tables allows investors to comparison shop for rates, yields and minimum deposit amounts to decide which money market account option best fits their needs.  Each listing has the web address and phone number to call these financial institutions for additional information.

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