Three online banks offer top money market account rates

Quarter

The top-paying nationally available money market accounts belong to the online divisions of two brick-and-mortar banks.

You won't find these rates if you stop in at a branch, but these accounts are FDIC-insured nonetheless.

You'll earn 1.25% APY at each, although the minimum balance to earn the top rate differs.

To earn the best rate for the least amount of money, your top choice is Incrediblebank (www.incrediblebank.com), which requires a $2,500 minimum deposit.

The top rate is good for balances up to $249,999. Any portion of your balance that is $250,000 or more will earn 0.80% APY.

The bank is the online division of River Valley Bank of Rothschild, Wis., which has 16 brick-and-mortar locations in Wisconsin and Michigan.

For a $5,000 minimum deposit, you can open an account with My Banking Direct (www.mybankingdirect.com) and earn 1.25% APY. If your balance falls below that amount, you’ll earn 0.25% APY.

Your other option is AmTrust Direct (www.amtrustdirect.com).

You'll earn the top rate of 1.25% APY on balances from $10,000 to $149,999. Balances above or below that amount earn 0.50% APY.

Both My Banking Direct and AmTrust Direct are divisions of New York Community Bank, which has more than 200 branches in New York, New Jersey, Florida, Ohio and Arizona.

After those, your best-paying option is Sallie Mae Bank (www.salliemae.com), which pays 1.10% APY. There is no minimum deposit requirement.

The bank is owned by the student loan company and has a single Utah branch.

These MMA rates fall slightly below the top nationally available savings rate of 1.30% APY offered by UFB Direct (www.ufbdirect.com).

You can compare these top interest rates to the best money market and savings account rates from scores of banks in our database.

You can follow Interest.com on Twitter and Facebook.

  • http://www.facebook.com/interest Interest.com

    Should Congress pass President Obama's $447 billion jobs plan? Take part in the poll on our Facebook page at http://www.facebook.com/interest