5.25% Money Market Account at Superior Savings of New England ($25K+)

Superior Savings of New England, N.A. is offering a money market account called the Superior Money Market with an APY of 5.25% for balances of over $25K. The maximum balance is $500K. It must be opened with new money.

The bank doesn't have many details on its website, so I had to contacted Superior for the details. First, accounts may be opened by mail from any state. Once the account has been established, you can access it through the online banking application.

The Superior Money Market account earns no interest for the days that the balance falls below $25K. If the balance falls below $2.5K on any day during the statement cycle, there's a $10 monthly maintenance fee.

The money market account does have the typical money market checking writing privileges which allows 3 checks per statement cycle. The bank will provide for a starter set of checks. You'll have to pay for additional checks. They charge $14.10 for a box of 40.

Superior Savings has a good record of high yield money market accounts. The bank was one of the first to offer a 4.50% money market account back in October. Instead of just raising the rate of one money market account, it has created new ones. In March it started a 5% money market account called the Incredible MMA which required a $100K balance. Those who have their money in this Incredible MMA may not be able to move to this new Superior MMA since the site specifically says it requires new money. You might have to close the account, and transfer money out and back in.

Note, Superior is also offering a competitive 6-month CD with an APY of 5.60%. The minimum is $500.

The bank has two branches in Branford, Connecticut and in Bronx, New York. It has been FDIC insured since 1960.