Union Bank is offering a good deal on a money market promotion which guarantees 1.00% APY until December 31, 2013. To receive this rate, you have to open a new MoneyMarket Extra Account with a $10,000 minimum and a checking account. New money is required.
This promotion doesn't appear to be listed at Union Bank's website. A reader received a mailer on this promo and emailed me (thanks!). I emailed Union Bank for additional details. According to the Union Bank CSR, this promo is available at all of Union Bank branches as of 2/13/2013.
Update: A reader found the promotion webpage for this offer. The page suggests that it's not available at California branches. The CSR told me it's available at all of their branches. If you're in California and tried to participate in this promo, please leave a comment.
There is the potential of monthly service charges. However, as long as a minimum balance of $10,000 is maintained in the MoneyMarket Extra Account, there is no monthly service charge on either of the money market or checking account.
Union Bank branches are located in California, Washington and Oregon. Union Bank has several branches in Washington and Oregon due to its acquisition of Frontier Bank which failed in 2010.
Union Bank is a large regional bank that's based in San Francisco, California with over 400 branches. Its overall health score at DepositAccounts.com is 5 stars (out of 5) with a Texas Ratio of 5.22% (excellent) based on September 2012 data. Please refer to our financial overview of Union Bank for more details. The bank has been a FDIC member since 1979 (FDIC Certificate # 22826).
How This Money Market Special Compares
The best money market special that's available nationwide is at EverBank which continues to offer 1.25% APY guaranteed for 6 months on its money market and checking account. The guaranteed rate is capped at $50K on the money market and $100K on the checking account.
Salem Five Direct used to also offer a promo yield of 1.25%, but this has recently fallen to 1.00%. Unlike EverBank, there's no guarantee how long this will last.
These rates are accurate as of 2/13/2013.
Searching for the Best Money Market Accounts
You can find the best rates in the nation and in your state using our money market rates table. If you don't care about check writing, you can sometimes find better deals on savings accounts. You can find the best rates for these in our savings account rates table.