Superior Savings' New 5% Money Market Account

Superior Savings of New England, N.A. has started a new money market account that pays 5% APY. It's called the Incredible Money Market Account, and it requires $100K to earn the 5% APY. There is a $25K minimum balance requirement to open this account. The interest rates for balances between $25K and $100K are not posted on the website. From a call to the customer service, I was told it's 3.50% APY. Balances under $25K earn no interest and incur a monthly fee of $20. Although it's no longer advertised, the Superior Money Market account is still available with an APY of 4.50% for balances over $25K. The bank was one of the first to offer a 4.50% money market account back in October.

As has been stated at this FW thread, this bank doesn't increase rates on its money market account when rates increase. Instead, they just start a new promotional account. This seemed to be just what happened. Too bad the new promotion requires $100K to earn the 5%. Perhaps in another 6 months, they'll come out with the Spectacular MMA with a smaller balance requirement. Then in 2007, perhaps we'll see the Stupendous MMA with an APY of 6%...