Zions Bank is still offering the Deseret Money Market Account, and it still has a very competitive yield (5.30% APY for balances from $1K to $50K and 5.36% for balances over $50K). They have changed the webpage locations since my last post, and they're still not advertising it well. I called yesterday and was told it's still available and is listed on their website at deseret.zionsbank.com and at deseretfinancial.zionsbank.com.
The Deseret has several advantages over Zions' advertised Internet Money Market Account. First, the rates are much higher (Internet MMA's yield is only 4.97% for under $50K). Second, the Deseret offers check writing. From my call yesterday, there have been a few changes to the Deseret since my last post. Here are the latest details:
- 5.36% APY for balances over $50k
- 5.30% APY for balances between $1k and $50k
- No monthly fees, but no interest for balances under $1k
- Minimum opening deposit is $1k
- Offers Check writing (first 10 checks are free)
- Wire transfers cost $15 for outgoing, $10 for incoming
- ATM card comes with it but no debit card
- Very restrictive ACH service. $500/day limit in or out. Must mail in a form and have overdraft protection or credit card
- Should be able to push/pull funds using another bank's ACH service
- No hard credit inquiries
- Not available to Utah residents
Zions' customer service is available 12 hours a day from Monday to Saturday. Several readers have been impressed with the customer service. 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).
To see reviews of this account, please refer to the comments in my December 2006 Deseret post.