Banco Popular is advertising a promotion for its High Performance Money Market Account. For those in Texas, you can get 5.15% APY for balances of $10K and over. New money is required. The rate is guaranteed for 3 months. Balances under $10K only earn 2.5% APY. A monthly fee of $15 is charged on balances under $5K. The details of this promo are not listed at their website. I found it being advertised in the Houston Chronicle. The ad is available online here. I called and was told this rate is good for all those in Texas. Rates seem to be lower in other states. I was told it's 5% APY for those in South Florida and Southern California. The money market account has limited check writing privileges. According to the bank rep, there are no early closing fees.
For those who prefer brick-and-mortar banks, this seems like a decent deal. It's better than Wachovia's latest money market promo. If you don't mind going online, Banco Popular's E-LOAN savings account is much better with a standard 5.25% APY (see post).
Banco Popular had similar promotions like this last year (see post), but rates were up to 5.50% in some states.