MyBankingDirect Raises Money Market Account APY to 4.55%

MyBankingDirect just raised its money market account from 4.30% to 4.55% APY. Like EmigrantDirect, MyBankingDirect is an online division of a New York bank. There seems to be some competition between these two banks. MyBankingDirect keeps increasing its money market rate to be just above the rate offered by EmigrantDirect. Below is a history of their APY changes since MyBankingDirect began operations sometime last August:

Date    MyBankingD  EmigrantDirect
Aug   :  3.75%       3.50%
Sep 20:              4.00%
Oct  7:  4.00%
Dec  1:  4.10%
Jan 26:              4.25%
Feb  2:  4.30%
Mar 15:              4.50%
Mar 18:  4.55%

Even though MyBankingDirect rates have often been slightly higher than Emigrant's rates, MyBankingDirect has a big drawback with its $5K minimum balance requirement. As I mentioned in this previous post, it does have some advantages.