Advanta Bank Corp's Top Tier Money Market at 4.90%

Advanta Bank Corp recently increased rates on all tiers of its money market account by 0.15%. The new rates are shown below:

Tier                Old APY   New APY
$100 to $999        4.25%     4.40%
$1,000 to $9,999    4.60%     4.75%
$10,000 to $49,999  4.65%     4.80%
$50,000 to $99,999  4.70%     4.85%
$100,000 and above  4.75%     4.90%

There's a $2.5K minimum opening deposit requirement if you have no other accounts with Advanta. For those who currently have other accounts, this money market account may be opened with $1K. A monthly fee is charged on balances below $100.

The bank also has some nice rates on certificates of deposit. The 12-month CD has an APY of 5.26%. the 6-month CD is at 5.11% APY. These have a minimum $10K deposit requirement. The jumbo 6-month CD has an APY of 5.18% with a $99K minimum.

Advanta's rates have remained competitive since I've been following the bank. Refer to my posts from March, December and September.

They still don't offer an ACH transfer system. Based on their account opener link, accounts have to be opened by mail and funded by check. I did notice a page with ACH instructions, but they don't seem to have an ACH system built into their online banking.