Competitive Money Market Account at Delta Community CU - Easy Membership
Delta Community Credit Union has a money market account with some competitive rates. The rates include a 2.35% APY for balances over $100K, 2.15% APY for $50K to $100K, 2.00% APY for $25K to $50K, 1.75% APY for $10K to $25K and 1.50% APY for $1K to $10K. These rates are listed at the credit union's dividends page as of 5/25/09. Note, they often update their rates at the start of each month, so the rates may change next Monday.
The Money Market Account offers an ATM card and limited check writing (checks are not free). According to the fees page, there are no monthly fee.
I've done several posts on Delta Community CU, but most have covered their CDs. I haven't noticed their money market rates before. They do have a history of competitive CD rates. Currently, they offer a 2.15% APY 6-month CD and a 2.65% APY 12-month CD. Refer to my last Delta post for more details on their CDs.
Credit union membership is open to members of the GettingAhead Association. This appears open to people from any state who pay a $5 membership fee. You can be immediately eligible for credit union membership if you're a resident of one of several Georgia counties in the Atlanta metro area, work for one of their Select Employer Groups, or via family (not just immediate family). Please see the credit union's eligibility page for more details. Membership requires a minimum $5 deposit into the savings account.
Joining the credit union and opening accounts are much quicker if you can visit a branch. Readers commented on their experience joining this credit union in my November post when the credit union was offering a 4.50% 12-month CD. The reader who joined with a branch visit reported a very easy process.
Branches are located throughout the Atlanta Metro area. There are also branches in Florence, Kentucky (Cincinnati Metro); Salt Lake City, Utah; and Southlake, Texas (Dallas Metro).
Delta Community Credit Union has strong ratings for safety and soundness: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 12/31/08 financial data. The credit union is federally insured by the NCUA (Charter # 66357). It's a large credit union with $2.9 billion in assets and 181,259 members.
Other Competitive Savings and Money Market Accounts
Another good credit union with competitive savings account and CD rates is Alliant Credit Union (see review). Alliant Credit Union current has higher rates on its savings account vs. Delta's MMA. One advantage of Delta is that they offer 6-month CDs.
For other high yield savings accounts, please refer to my weekly rate summary.
Update 11/07/09: Rates have fallen: New MMA APYs: 1.25% $1K-$10K, 1.40% $10K-$25K, 1.50% $25K-$50K, 1.60% $50K-$100K, 1.75% $100K+.
Update 10/03/09: Rates have fallen: New MMA APYs: 1.50% $1K-$10K, 1.65% $10K-$25K, 1.75% $25K-$50K, 1.85% $50K-$100K, 2.00% $100K+.
Update 9/05/09: Rates have fallen. New MMA APYs: 1.50% $1K-$10K, 1.75% $10K-$25K, 1.85% $25K-$50K, 2.00% $50K-$100K, 2.15% $100K+.