Bank money market rates dropped modesty over the previous week.  The average rate on the top ten best bank money market rates was down by just one basis point or 1/100 of a percent bringing the average yield down to 1.42% from 1.43% in the previous week.  In light of the more significant reductions in other interest bearing bank accounts such as CD rates and savings account rates, the rate reduction on money market accounts was quite mild.

The highest yielding bank money market account stands at 1.60%.  The best bank money market rate is available at Bank of Internet which offers the 1.60% rate as an online bank account.  Following the category leader, three banks market money market accounts with interest rates at 1.50%.  Discover Bank, NewDominion Bank and Nationwide Bank promote accounts yielding 1.50%.

Ally Bank’s money market account is just one basis point lower at 1.49%.  This bank rate is eight basis pints ahead of the fourth highest rate.  Giant Bank holds this position with a money market account rate of 1.41%.

Rates on money market accounts step down quite a bit in the second half of the list.  The fifth highest rate is ten basis points beneath the fourth best bank rate.  iGOBanking, the seventh bank on the list, has a money market account rate at 1.31% holding the fifth best rate overall.  Only three banks remain on the list of the top ten bank money market account rate list, all three of these banks offer the same interest rate on their accounts.  H & R Block Bank, AIG Bank and Stonebridge Bank promote money market accounts with interest rates at 1.30%. 

For the week, just two banks reduced their rates from the previous bank.  Giant Bank dropped their money market account rate by five basis points from the previous week while AIG Bank trimmed their account by just one basis point.

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