Watch out for the Money Market Rates
Category: Articles- gotalkmoney.com- 2:36 pm/ March 25, 2008Money market rates aren’t guaranteed and a lot of investors find it annoying when they open up a money market account because the bank is currently offering a great deal and a week later they find that the rate has dropped below the industry average.
Let’s take Flagstar Bank for example. During the week of March 18, 2008, Flagstar was offering a 4.30% APY money market account and was receiving a ton of positive reviews. A little less than a week later, they dropped their rates to a 3.90% APY.
If this is your first time visiting the website, make sure you check out GOtalkmoney’s top ten money market rates. The nice thing about this top ten list is that you’re able to see how long that bank has been in the top ten consistently. This should help make the money market applying a little easier but remember, a bank can drop its rate anytime!
Here are the top three banks that have remained in the top ten consistently –
20 weeks straight – Corus Bank – 4.00% APY -$100 minimum
18 weeks straight – OneUnited – 4.00% APY - $1,000 minimum
23 weeks straight – WTDirect – 3.56% APY - $10,000 minimum
- 6 Month CD 1.06 %
- 1-year CD 1.32 %
- 2-year CD 1.73 %
- Money Market Account 1.04 %
- Savings Account 1.04 %
- 30-year Fixed Mortgage 5.09 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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If you know of any bank deal that we haven't featured on our blog yet, we would love to hear from you.
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