Top money market accounts pay 1.25% APY this summer

Jar filled with pennies

One of the three banks that have led the pack on nationally available money market accounts has stopped accepting new depositors.

TIAA Direct, the online bank operated by financial services provider TIAA-CREF, recently posted a note on its website that it had "concluded a successful pilot" and "will be making enhancements to the customer experience" before allowing any more new account applications.

If you already own a TIAA Direct money market account, congratulations, you will continue to earn the top rate of 1.25% APY.

But if you're in the market for a new account, you'll have to look elsewhere.

There are two other banks that offer this top yield:

EverBank ( says it will pay 1.25% APY for six months on any new money market account. Then the yield will drop to the rate on a standard MMA, which currently is 0.76%.

It takes a $1,500 minimum deposit to open an account, and the highest rate is available on balances to $50,000. Balance portions that exceed the cap will earn 0.76% APY.

If you don’t keep at least $5,000 in your account, you’ll be charged an $8.95 monthly fee by the bank, based in Jacksonville, Fla.

UFB Direct ( pays 1.25% APY with a $5,000 minimum deposit. Any money in your account earns interest, but you'll pay a $10 monthly fee if you don’t keep at least $5,000 in the account.

The rate is good on balances to $250,000. Balance portions above that amount earn 0.25% APY.

UFB Direct is a division of BofI Federal Bank, based in San Diego.

As of July 26, 2012, just two other banks offer money market rates of at least 1% to savers in all 50 states.

They are:

My Banking Direct (, which pays 1.05% APY with a $5,000 minimum deposit. Balances below $5,000 earn 0.25% APY.

The bank is a division of New York Community Bank, which has more than 200 branches in New York, New Jersey, Florida, Ohio and Arizona.

Acacia Federal Savings Bank (, which pays 1.00% APY on its Tiered Money Market account. You must deposit at least $1,000 to open an account; balances of $25,000 and higher earn 1.00% APY.

Balances of $10,000 to $24,999 earn 0.50% APY. A balance below $10,000 earns 0.25% APY.

The bank is based in Falls Church, Va., and is a subsidiary of Acacia Life Insurance Co.

To qualify for our list, a bank must allow savers from all 50 states to open a money market account online or through the mail.

See how these deals compare to the best money market rates from scores of other banks in our database.

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