Union Bank: MM 1.00% APY Guaranteed Until 8/15/2012

Union Bank branches in Oregon and Washington only are offering a money market account yielding 1.00% guaranteed through August 15, 2012, so long as the account is opened before August 15, 2011.  An additional checking account is required ($100 minimum balance), and combined minimum balance must be $15,000 to avoid monthly fees.

Direct URL: Union Bank | High Rate Money Market Account

 

Yes, sadly, in this low interest rate environment (in which the Fed is forcing short-term deposit rates well below the inflation rate) 1% is competitive for such a "low" minimum balance in a cash-equivalent account.  With the added guarantee not to lower the APY if rates continue to drop (QE3, anyone?), I decided to take advantage of it (ymmv).

If rates do rise rapidly, you can always close the account (they don't appear to have a fee for closing the account soon after opening) and move the money elsewhere.