Money Market Account Rates November 27, 2009

The average of the best bank money market account rates slipped for the week ending November 27, 2009.  The average for the top ten best money market rates was down by four basis points or 4/100 of a percent for the week, driving the yield down from 1.58% in the prior week to 1.54% currently.

The highest bank money market rate continues to be offered by Flagstar Bank however, Flagstar has reduced the rate on their promotional money market account from 1.80% to the present rate of 1.70%.  The Flagstar Bank account still holds as the best money market account rate available nationally. 

The second highest money market rate comes from Bank of Internet which did not alter their top money market account, leaving the rate at 1.65% week over week.  Following this rate by 10 basis points is the bank money market account marketed by Ally Bank which has an interest rate of 1.55%.

Only four basis points behind Ally Bank are the money market accounts of EverBank and Giant Bank.  Both, EverBank and Giant Bank promote money market accounts that yield 1.51%.  Three banks have accounts that yield just one basis point less.  Discover Bank, NewDominion Bank and Nationwide Bank have money market accounts currently paying 1.50%. 

The list of the top ten highest money market account rates wraps up with Century One Bank which promotes an account that yields 1.49% and AIG Bank which markets a money market account with an interest rate of 1.46%.

The top ten list for bank money market account rates changed rather dramatically from the prior week.  Four out of ten banks reduced their rates over the week.  One bank dropped off the ten list altogether, which of course made room for one new entry.  Century One Bank was added to the list replacing the loss of Hamni Bank’s money market account offer. 

None of the banks on the prior week’s list increased their rates and even Century One Bank was not the result of a rate increase by the bank, the bank had been offering that rate for some time it simply was not a sufficiently high enough rate, until now, to be listed as one of the top ten highest money market account rates available nationally.

Tags: bank, bank money market, highest money market account, interest rate, money market, money market account

This entry was posted on Monday, November 30th, 2009 at 11:33 pm and is filed under Money Market Act. Rate Updates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.