Money Market Account Rates February 8, 2010
Bank money market account rates followed other short term interest bearing financial instruments and dropped in yield for the week ending February 5, 2010. The average rate on the top ten best bank money market accounts rates was down two basis points or 2/100 of a percent for the week. The average yield on the best money market account rates available nationally fell to 1.40% from 1.42% in the prior week.
The highest bank money market rate available nationally tumbled along with the average. The highest money market rate now stands at 1.55%, down from 1.60% in the preceding week. The highest money market rate continues be the product of Bank of Internet, with a slightly lower top rate for the week at 1.55%.
The second best rate remains at 1.50%. This money market rate is available at NewDominion Bank. Following this rate by one basis point, Ally Bank offers a money market account that has a yield of 1.49%. The next best interest rate available falls four basis points lower at 1.45% and can be found on the money market account promoted by Nationwide Bank.
Another four basis points down is the money market account promoted by Giant Bank which earns an interest rate of 1.41%. Discover Bank falls just below this offer with online money market account that yields 1.40%.
The remaining four banks on the list take a fairly large step down in yield. iGOBanking offers a money market account with an interest rate of 1.31%. Two banks, AIG Bank and H & R Block Bank, trail by one basis point with money market rates at 1.30%. The final bank on the list of the top ten best money market account rates is EverBank which offers a money market account with a yield of 1.26%.
Four banks reduced their rates from the previous week. Stonebridge Bank dropped off the list week due to their rate reduction and was replaced by EverBank. Other rate reductions were performed by Bank of Internet, Discover Bank and Nationwide Bank. There were no rate increases for the week.
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