Bank of Internet

Money market accounts allow you to stash some cash where you can get access to it when you need it. Money market rates at Bank of Internet are currently 1.65% annual percentage yield (APY) for all account balances. Here are some of the details:

• Minimum opening deposit of $100
• No maintenance fees
• Free initial checks
• Write up to three checks each month
• ATM card available
• FDIC insured

You can make unlimited deposits to Bank of Internet money market accounts. You also can make an unlimited number of withdrawals or transfers to other linked Bank of Internet accounts.

There is a limit of no more than six pre-authorized, automatic or phone transfers during any statement cycle. If you go over the limit, you pay an excessive transaction fee for each withdrawal.

Bank of Internet uses the daily balance method to calculate interest on money markets. The bank’s money market rates can change at any time.

If you make a withdrawal from your money market at any ATM, you won’t be charged a fee by Bank of Internet. But you may still have to pay a fee to another bank for using its ATM.

You receive online statements for money markets and the bank keeps an archive of of them that goes back five years.

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