Bank Deals, Money Market Rates

Ally Bank has a money market account offering 1.09% annual percentage yield (APY), which is higher than the average 0.32% APY for money markets. Details of the Ally Bank money market include:

• No minimum balance required
• No monthly maintenance fees
• Open account with $0
• Free check card
• First 50 checks are free

The money market account allows six transactions per statement cycle without any fees. The limit is set by federal law for transactions from all U.S. savings and money market accounts. However, you can make an unlimited number of deposits into a money market.

You also won’t pay a fee to use ATMs. You can use any ATM and if you are charged a fee by another bank, the money will be refunded at the end of the monthly statement period. You also can get cash back when shopping at many stores and gas stations. You’ll receive the free debit card within 10 days and standard checks within five days after Ally Bank receives the opening deposit.

The money market rate is variable so it can change based on market conditions. Interest earned on money markets is compounded daily to help maximize earnings.

Zions Bank has an Internet money market account with an annual percentage yield (APY) of 1.11%. The money market rate is currently one of best rates for a money market, compared with the average of 0.33% APY. The money market rate is current as of April 26, 2010. Details of the money market offer include:

• Minimum opening deposit if $1,000
• Must have a balance of at least $2,500 to earn promotional money market rate
• Interest is variable and can change at any time
• Fees may reduce earnings

Zions Bank also has an Internet savings account with a 1.11% APY. To earn the interest rate you must have a balance of $1,000, but the minimum opening deposit is $100. The interest rate for the online savings account is variable and can change at any time. The savings account is only available to consumers and can also be opened in the name of a trust.

Both online accounts have no monthly fees or minimum balance fees. They are also insured by the Federal Deposit Insurance Corp. (FDIC). Both the savings account and money market account can be accessed online 24 hours a day. Zions Bank is based in Salt Lake City.

OMNI Community Credit Union has a money market account with tiered interest rates. The money market is basically a high interest savings account that requires a minimum balance of $2,500. Money market rates for the account are:

• 0.55% annual percentage yield (APY) for balances of $2,500 to $24,999
• 0.7% APY for $25,000 to $49,999
• 1% APY for $50,000 to $99,999
• 1.2% APY for $100,000 to $199,999
• 1.45% APY for $200,000 and up

OMNI Community Credit union is based in Battle Creek, Michigan. Anyone who lives, works, worships or goes to school in Allegan, Berrien, Branch, Barry, Calhoun, Cass, Eaton, Kalamazoo, St. Joseph or Van Buren County is eligible to join the credit union. If you live outside the area but have a relative who is already a member, you can join the credit union. You can open a savings/share account for as little as $5.

Products at the credit union include other types of savings, certificate of deposit (CD) accounts, individual retirement accounts (IRAs), checking accounts, and loans. Members also can apply for a credit card. Members also can sign up for Internet banking and bill pay.

Open a Sovereign Bank Premier Banking package and you could earn a $150 cash bonus. The Premier Banking package includes a Premier Checking Account and Premier Money Market Savings Account. The offers is good through Nov. 12, 2010. Details of the offer include:

• Checking account requires minimum deposit of $100
• Must open money market account with $100 or have an existing money market
• Must enroll in online banking when opening account
• Must request a Sovereign Debit Card and use it to make five purchases within 60 days of opening account or set up direct deposit

After all the requirements have been met, you receive the $150 bonus as a credit in your checking account within 75 days of opening the account. Sovereign Bank’s money market and checking accounts have tiered interest rates.

Checking account balances earn the following:

• 0.01% annual percentage yield (APY) for balances less than $15,000
• 0.1% APY for balances of $15,000 and up

The money market earns:

• 0.25% APY on balances below $10,000
• 0.45% APY on balances of $10,000 to $24,999
• 0.5% on balances of $25,000 to $49,999
• 0.55% APY for $50,000 to $74,999
• 0.6% APY on for $75,000 and up

Interest rates are effective as of Sept. 1, 2010.

Open an Everbank Yield Pledge Money Market Account and earn a 2.25% bonus rate for the first three months on balances up to $50,000. The regular money market rate for the first year is 1.51% APY as of July 23, 2010. The money market rates are higher than the average 0.78% APY being earned by money markets. Details of the money market account include:

• Minimum deposit of $1,500
• Free check writing
• No monthly maintenance fee when minimum balance is maintained, otherwise fee is $8.95
• Insured by Federal Deposit Insurance Corp. (FDIC)

Everbank also offers a WorldCurrency Access Deposit Account that allows you to diversify your portfolio with major foreign currencies. Details of the money market account include:

• Initial deposit of at least $2,500
• $10,000 minimum to begin earning interest
• You can earn yields at foreign rates
• Easy transfers between global markets
• No monthly fees
• Insured by Federal Deposit Insurance Corp. (FDIC)
• Identity theft protection and credit monitoring

The money market can allow you to earn interest in a foreign currency, potentially benefiting from any appreciation against the U.S. dollar. Currencies can fluctuate, so it is important to assess your tolerance for risk.

Everbank, based in Jacksonville, FL, is one of the fastest growing, diversified financial companies. The company offers products and services throughout the U.S.