5.00% Money Market Account (Large Balances) Open To All

Independence National Bank has a money market account with rates as high as 5.00% APY. Introductory rates are effective through May 16, 2006. The 5% APY is for balances of over $100K. Balances between $50K and $100K earn 4.90% APY. These rates are also available for the business money market account. Below are the rates for all of the tiers:

Personal Money Market Tiers
$2,500 to $9,999.99     3.50% APY
$10,000 to $24,999.99   3.70% APY
$25,000 to $49,999.99   4.50% APY
$50,000 to $99,999.99   4.90% APY
$100,000 and over       5.00% APY

Business Money Market Tiers
$2,500 to $24,999.99    3.90% APY
$25,000 to $49,999.99   4.50% APY
$50,000 to $99,999.99   4.90% APY
$100,000 and over       5.00% APY

The money market account requires a minimum deposit of $2,500 and has a minimum balance of $2,500 to avoid a monthly maintenance fee of $10.

The bank also has a CD special with an APY of 5.00% for a 13 month term. The minimum deposit is $1K.

Independence Natioal Bank is located in Greenville, South Carolina. However, based on the email reply I received from the bank's customer service representative, accounts can be opened via the US mail and can be opened by those who live outside of South Carolina. The bank does have online banking with basic features.

Other large balance very-high-yield money market accounts include Centennial Bank and Hillcrest Bank. Hillcrest's current APY for its Index Money Market Account with balances between $50K and $250K is 4.78% APY. Centennial Bank's APY for its Tiered Passbook account is 4.87% for balances over $50K. One negative regarding Centennial Bank is the lack of online banking.