Dedicated to Deposits: Deals, Data, and Discussion

5% Money Market Account at a New York Bank

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Flushing Savings Bank is offering 5.00% APY guaranateed for 6 months with the Power Money Market account. It requires new deposits and a minimum opening deposit of $5,000. The $5,000 balance must be maintained to qualify for the 5% APY. It also requires a linked Breakout Checking Relationship account with a minimum opening deposit of $500. The maximum balance allowed is $150,000 per person. Credit for this find goes to eMoneyCentral.

Flushing Savings Bank has branches in Queens, Nassau, Brooklyn and Manhattan of New York State.

Seems like each new day brings more 5% money market accounts with smaller balance requirements and longer promotional rate periods. Yesterday, I reported on Benjamin Franklin Bank with its 5% MMA for deposits over $25K. Last week I reported on Independence National Bank's 5% MMA for deposits over $100K. I still think EmigrantDirect will be the first with a no-minimum savings to reach 5%. Although I have a feeling Emigrant is not making much money on its new credit card. So perhaps there will be a new MMA leader this year.


Comments
Comment #1 by Banking Guy (anonymous) posted on
Banking Guy
Rate is now 5.50% APY as of July 18th. See post for details.

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