Sometimes you can get a competitive rate at a local bank, but there are often two issues. First, it may be a promo rate that won't stay competitive for the long term. Second, there are often hoops that you have to jump through. This typically involves some type of checking relationship. So keep these issues in mind for the deal at Admirals Bank. It's offering a money market account with a 1.15% APY for balances of at least $20K. This rate is listed in the bank's rates page as of 11/14/2011. It's called the Anchor Companion Money Market. The account has the following requirements:
- $20,000 minimum opening balance
- Admirals Companion Checking account required
- Direct deposit or ACH minimum required
- Must be new money to Admirals Bank
If you don't meet the requirements, the standard rate is only 0.10%. One perk in addition to the interest rate is that up to $30 per month in foreign ATM fee reimbursements when requirements are met. The Anchor Companion Checking has no monthly service fee. The minimum opening deposit is $500.
Also noteworthy is the bank's Advantage Checking account which has a 2.00% APY for balances up to $10K (0.10% for above). They don't list the specific requirements in the checking accounts page. It just says "low monthly transaction requirements." There is no monthly service fee. It appears to be a reward checking account.
It appears that a branch visit is required to open an account. Branches are located in Rhode Island and Massachusetts. Some of the cities with branches include Providence, Warwick, Providence and Raynham, New Bedford and Fall River.
The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 10.33% (above average) based on June 2011 data. The bank has been a FDIC member since 1987 (FDIC Certificate # 27015).
How this Money Market Account Rate Compares
The 1.15% APY on a money market account is very competitive in today's interest rate environment. There are some better deals that are nationally available. The deal is at UFB Direct which offers a 1.30% APY savings account. For a money market account, the best deal is at Incredible Bank which offers a 1.18% APY for balances of $2,500 to $250,00. These rates are accurate as of 11/14/2011.
Searching for the Best Money Market Rates
To search for the highest rates on money market accounts, please refer to our money market rates table. If you don't need limited check writing, savings accounts offer similar rates. You can find the highest savings account rates in our savings account rate table. Remember to select the "Filter Accounts" button to find those available in your state.