5.50% Money Market Account at a New York Bank (Flushing Savings)

Flushing Savings Bank has increased the rate of its Power Money Market Account promotion from 5.00% to 5.50% APY. This rate is guaranteed for 6 months. It requires new deposits and a minimum opening deposit of $5,000. The $5,000 balance must be maintained to qualify for the 5.50% APY. It also requires a linked Breakout Checking Relationship account with a minimum opening deposit of $500. The maximum balance allowed is $150,000 per person.

I called for some additional details. Unfortunately, you have to visit a branch to open this account. There should be no hard credit pull in the application process, just a ChexSystem verification. Today's standard rate for the Power Plus Money Market is 4.00% APY for balances over $5K. There's no closing fee for closing the account after 6 months.

This seems like a regular promotion. In early March Flushing Savings was offering 5.00% APY.

Flushing Savings Bank has branches in Queens, Nassau, Brooklyn and Manhattan of New York State.