Bank Deals, Money Market Rates

Nationwide Bank has a money market account with a 1.05 percent annual percentage yield (APY). The interest rate on the account is higher than the national average, and is current as of Feb. 24, 2011. Other details of the money market include:

• $1,000 minimum to open account
• $1,000 minimum daily balance to avoid monthly maintenance fee of $8
• Link to checking account for overdraft protection
• Free transfers between Nationwide Bank accounts and no charge for transfers to and from other banks
• Two free Nationwide Bank transactions per month–additional transactions are $1.50 each
• Access to more than 37,000 Allpoint surcharge-free ATMs and 400,000 Visa/PLUS ATMs across the U.S.
• Free online statements
• Six pre-authorized withdrawals per monthly statement cycle

Money market accounts can be opened online in a matter of minutes. You must be at least 18 years old, a U.S. resident and have a valid driver’s license or state or military ID.

Nationwide Bank is based in Columbus, Ohio, and is part of a larger financial company that offers a full range of products and services, including insurance, mortgages, annuities, pensions and other financial products. The company has been in business for 80 years.

AIG Bank has a Signature Money Market Account with interest rates above the national average. The high-yield money market account can be opened online. The tiered interest rates as of Feb. 17, 2011, are:

• 0.5 percent annual percentage yield (APY) for balances of $2,500 to $9,999
• 1 percent APY for $10,000 to $49,000
• 1.03 percent APY for $50,000 to $99,999
• 1.06 percent APY for $100,000 to $249,999
• 1.09 percent APY for $250,000 or more

Other features of the money market account include personalized checks, a Visa Check Card and free incoming wires for fund transfers. Money market accounts are insured by the Federal Deposit Insurance Corp. (FDIC) up to $250,000 per depositor. The minimum opening deposit for a money market account is $2,500, and no interest is earned when the balance falls below $1,000.

The following transactions are limited to six per monthly statement cycle:

• transfers to third parties by pre-authorized automatic transfer
• telephone order checks
• point-of-sale purchase with Visa Check Card
• outgoing wire transfers not initiated at an AIG Bank branch
• automatic, telephone or electronic transfers to your other AIG Bank accounts

AIG Bank is headquartered in Wilmington, Del., but serves customers throughout the U.S.

Open a Premium e-Money Market Account at AmTrust Direct and you could earn 1.25 percent APY. The money market rate is accurate as of Feb. 3, 2011. Details of the money market offer include:

• $500 minimum deposit to open
• Interest is earned on balances of $1 and up
• No minimum balance fee
• Free online banking, including transfers
• Direct deposit available
• Limit of six withdrawals per statement cycle or you pay a fee

You can only open the money market account with funds that are not currently on deposit with AmTrust Direct, with the exception of funds from a maturing certificate of deposit (CD). The money market is not available to business or nonprofit customers. Money in the account is insured by the Federal Deposit Insurance Corp. (FDIC).

The money market has eight tiers of interest, but interest rates in different tiers can be the same. Currently, deposits up to $9,999 earn an APY of 0.5 percent, $10,000 to $149,999 earns 1.25 percent APY and deposits over $150,000 earn 0.5 percent APY.

AmTrust Direct is a service of New York Community Bank, based in Cleveland, Ohio.

Gogebic Range Bank has a money market checking account that pays 1.35 percent annual percentage yield (APY) on balances of $100,000 and up. The money market has tiered interest rates, and as of Jan. 1, 2011, they are:

• 0.5 percent APY on balances below $25,000
• 0.65 percent APY on balances of $25,000 to $49,999
• 0.85 percent APY on balances of $50,000 to $74,999
• 1.05 percent APY on balances of $75,000 to $99,999

The minimum deposit required to open a money market is $1,000. Accounts with balances that fall below $1,000 are charged a monthly maintenance fee of $7. You can make up to six transfers each month and direct deposit is available. Funds in money markets are insured by the Federal Deposit Insurance Corp.

Gogebic Range Bank is located in Ironwood and Bessemer, Mich., and serves the Western End of the Upper Peninsula of Michigan and Northeastern Wisconsin. The bank is a wholly owned subsidiary of West End Financial Corporation and has been in business since 2002. You must open accounts at a branch. The bank offers a full line of deposit and loan products for businesses and consumers. It also offers brokerage services through PrimeVest Financial Services, Inc.

Do you have a large sum of money such as an emergency fund or down payment for a house that you need access to but want it to earn some interest? Quantum National Bank has a Hi-Rate Money Market with a 1.4% annual percentage yield (APY) on balances of $100,000 and up. The money market rate is 0.3% APY for balances of $50,000 to $99,999, 0.15% APY for $10,000 to $49,999, and 0.1% for balances below $10,000. Other details of the money market account include:

• $100 minimum opening deposit
• No monthly fee for balances above $1,500
• $12 monthly fee for balances below $1,500
• Check writing available
• Six withdrawals allowed per statement cycle

The bank also has a Hi-Rate Checking Account that earns 0.7% APY on balances above $10,000 and 0.1% on balances below $10,000. The checking account has no monthly fee on accounts with an average daily balance of at least $2,500. Accounts that fall below that amount are charged a monthly service fee of $15. It also has a $100 minimum opening deposit.

Quantum National Bank is based in Suwanee, Ga., and you must be a resident of Georgia to open an account. The interest rates are current as of Nov. 19, 2010.