Dedicated to Deposits: Deals, Data, and Discussion

5.33% Money Market Account from MBNA ($15K+)


MBNA is offering a 5.33% APY money market account for balances of $15K and over. Balances between $2.5K and $15K earn 5.07% APY. Balances between $1K and $2.5K earn 4.81% APY. As I first reported in June, 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, and AOPA. The first three currently have a rate tier that only offers the top rate for balances over $50K. AOPA and have the top rate tier with a balance of only $15K.

MBNA may not be indexing these rates with MFR for long. It's been reported in this FW thread that all of these money market accounts except for the AAA and NEA will no longer be linked to the MFR after 9/25/06. Unfortunately, the AAA money market account has a $50K balance requirement to get the top rate. There has been some questions about how long MBNA will maintain these accounts now that MBNA is part of Bank of America.

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.

Thanks to reader who mentioned this latest info on MBNA.