Dedicated to Deposits: Deals, Data, and Discussion

5.04% Money Market Account at MBNA ($15K+)

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MBNA is offering a money market deposit account with a 5.04% APY for deposits of over $15K. The rates are based on the money fund report averages (MFR). The top rate is 0.50% above the MFR. MBNA has been offering this account through many different organizations including Motley Fool, AAA, Defenders of Wildlife, chemistry.org and AOPA. The first three currently have a rate tier that only offers the top rate for balances over $50K. AOPA and chemistry.org have the top rate tier with a balance of only $15K. The APY for balances between $1K and $2.5K is 4.51%. The APY for balances between $2.5K and $15K is 4.78%. The minimum deposit is $1K and the APY for balances under $1K is 4.25%.

These rates are much higher than what MBNA offers if you go directly through MBNA's home website. The maximum APY for that money market account is only 4.10% for balances over $90K.

It appears that you don't have to be a member of one of these organizations to open this money market account. The money market account allows 3 checks per month. According to this FW thread the first 20 checks are free and there's no hard credit inquiry. One negative about this account is the lack of online banking and ACH transfer system. However, you can use another bank to make ACH transfers into or out of this account.

Bank of America acquired MBNA in January and it's questionable if Bank of America will keep this high yield money market account as MBNA is integrated. Since money market fund rates have been rising more than rates from bank money market and savings accounts, this MBNA MMA could become an increasingly good deal.

Thanks to the commenter who mentioned this deal.

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