Top MMA rates pay 1.25% in October

Mason jar with pennies spilling out

The top nationally available money market rates have paid 1.25% since February.

That's a pretty good track record considering the nosedive other deposit products -- like CD rates -- have taken recently.

And for nearly two months, three online banking divisions of brick-and-mortar banks have paid the top rate.

To earn the best rate for the least amount of money, your top choice is Incrediblebank, 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. If your balance falls below $5,000, you’ll earn 0.25% APY.

Your other option is AmTrust Direct.

You'll earn the top rate 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.

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

Four banks offer the next best MMA rates of 1.00% APY:

Sallie Mae Bank, which is owned by the student loan company and is based in Salt Lake City, requires no minimum deposit.

Discover Bank, which is owned by the credit card company, requires a $2,500 minimum deposit.

Nationwide Bank, which is owned by the insurance company and based in Columbus, Ohio, requires a $1,000 minimum deposit.

First Internet Bank of Indiana, an Indianapolis-based online bank, requires a $100 minimum deposit.

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

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