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Bank Deals, Local Bank Deals, Money Market Rates

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If you have a large sum of money you need to park in a safe place for a while, Quantum National Bank has a Hi-Rate Money Market that earns 1 percent annual percentage yield. The money market rate is good for deposits of $100,000 and up. So if you have a large sum of money saved up for a house down payment, business purchase or some other financial transaction that will take place in the near future, this money market can allow you to earn a modest return on your money rather than have it sit in a non-interest bearing account.

Details of the money market account include:

  • Minimum deposit of $100 required
  • No monthly fee for balances above $1,500
  • $12 monthly fee for balances below $1,500
  • Checks are available
  • Six withdrawals per statement or you get charged $10 per excessive withdrawal

The Hi-Rate Money Market has tiered interest rates. Balances up to $9,999 earn 0.05 percent APY, $10,000 to $49,999 earns 0.15 percent APY and $50,000 to $99,999 earns 0.2 percent APY. The Hi-Rate Money Market is also available for business deposits. Accounts are available only to residents of Georgia.

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Incrediblebank has a money market account that earns 1.25 percent annual percentage yield (APY) on balances of $2,500 to $249,999. Money markets with balances above $250,000 earn 0.8% APY. Details of the money market offer include:

  • Minimum opening deposit of $2,500
  • $10 monthly maintenance fee if balance falls below $2,500
  • Insured by the Federal Deposit Insurance Corp. (FDIC)

The bank also has a checking account that earns 1.21 percent APY on balances up to $249,000. Balances above that amount earn 0.8 percent APY. The checking account requires a minimum deposit of $1,000. Fees that may reduce earnings on the account include $15 a month for paper statements. $29 for stop payments and $34 per item for overdrafts created by check, in-person withdrawal, ATM withdrawal or other electronic means. There is a maximum of $340 per day for overdraft charges.

Incrediblebank, a division of River Valley Bank, based in Wausau, Wis., also has competitive CD rates. You need a minimum opening deposit of $10,000 to open a certificate of deposit. The maximum deposit allowed for CDs is $90,000. CD terms include 9 months, 13 months and 19 months. Interest earned must be added back to the certificate of deposit.

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Dime Savings Bank has a Prime Rewards Money Market Account earning 1.01 percent annual percentage yield (APY) on balances of $75,000 and up. The money market rate is available for passbook and statement accounts. The money market has tiered interest rates that are currently at:

  • 0.2 percent APY for balances of less than $1,000
  • 0.45 percent APY for $1,000 to $24,999
  • 0.75 percent APY for $25,000 to $49,999
  • 0.9 percent APY for $50,000 to $74,999

If you maintain a Dime Savings Bank checking account you automatically qualify for the money market account. Other details of the money market account include no monthly $10 fee if you maintain an average daily balance of $2,500 and it is insured by the Federal Deposit Insurance Corp. (FDIC). For statement accounts you can write up to six checks per monthly statement, get a free ATM card or Visa check card and check your balance 24 hours a day with online banking.

The bank also has a competitive CD rate of 1.15 percent APY for a 2-year term. To open a certificate of deposit you need a minimum deposit of $500. Interest is compounded daily and credited monthly. CD terms at the bank range from 3 months to 7 years. Dime Savings Bank is based in New York.

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Customers Bank has a money market account that earns 1.2 percent annual percentage yield (APY). The account requires a minimum opening deposit of $10,000 to obtain the promotional money market rate. The maximum deposit on the account is $500,000. Money market accounts are limited to six transfers to other bank accounts per statement cycle. A $5 fee may be imposed for excess transfers during each statement cycle and the account may be converted to a checking account for repeated excess transfers.

The bank also has other savings accounts with competitive interest rates. The Reserve Savings Account has a 1 percent APY and requires a minimum of $10 to open. Interest on the savings account is compounded and credited on a quarterly basis. The bank uses the daily balance method to calculate interest on the account.

A 13-month certificate of deposit is also available to help grow your money. The CD rate for the period is 1.15 percent APY and you need a minimum opening deposit of $10,000. After the guarantee period the CD rate may fluctuate.

Customers Bank has 11 offices in Pennsylvania, New Jersey and New York. Deposits with the bank are insured by the Federal Deposit Insurance Corp.

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Beverly Hills, Calif.-based Excel National Bank has a Premium Money Market that earns 1.05 percent annual percentage yield (APY) on balances of $100,000 and up. The money market account is good for customers who want higher interest rates on higher balances and can limit their transactions. Details of the money market offer include:

  • Minimum opening deposit of $1,000
  • $20 monthly service fee
  • Monthly service fee waived for minimum daily balance of $10,000
  • Up to six debits per month, including checks
  • Free online banking and bill pay
  • Interest compounds daily and is posted at the end of each month

Excel National Bank also has a 2-year certificate of deposit that earns 1.01 percent APY. The CD rate is currently good for balances. The bank offers other CD rates and terms that include:

  • 3 months earns 0.3 percent APY
  • 6 months earns 0.5 percent APY
  • 1 year earns 0.8 percent APY

The minimum opening deposit for certificates of deposit is $10,000 and there are no monthly service fees. Interest on CDs compounds daily and is credited upon maturity unless you choose to to receive interest payments. Withdrawing funds early from a certificate of deposit may result in a penalty.

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