Zions Bank is offering a 5.30% APY on its Dereset Money Market Account for balances between $1K and $50K. This is up from 5.24% since my I last reported on November 3rd. Balances over $50K earn 5.34% APY. It looks like this Deseret MMA is replacing the Internet MMA for people in most states. If you select "learn more" link at for the Internet Money Market Account on this Zions Bank page, it'll take you to the Deseret page for those in most states. The only state I found in which you go to the Internet MMA page is Utah.
The advantage of this Deseret MMA over the Internet MMA is that it offers limited check writing (up to 3 per month). In addition, the standard checks are free. Below is a list of features of this account:
- 5.34% APY for balances over $50k
- 5.30% APY for balances over $1k
- No monthly fees, but no interest for balances under $1k
- Minimum opening deposit is $1k
- Offers check writing with free checks (you can order 20 at a time)
- One free incoming or outgoing wire transfer per month
- After the free wire transfer, there's a $15 fee for outgoing, $10 for incoming
- No ACH transfer system. You're allowed to push/pull funds from another bank's ACH system
Note, the Deseret rate table which shows 5.30% APY earned on balances down to $0 is wrong. The CSR specifically said that there is no interest earned for balances under $1,000.
For those who don't like pure online banks, Zions might be a good choice. Their customer service is available 12 hours a day from Monday to Saturday. It's a solid bank that has been FDIC insured since the FDIC program started in 1934. It has 152 branches in Utah and Idaho with over 2,500 employees. Bankrate.com rates the financial strength of Zions as 4 out of 5 stars (sound).
[Edit 2/18/07: updated link to the Deseret MMA page.]