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

Thursday, July 14, 2011 - 9:49 AMUnion Bank (San Francisco, CA)
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

 
3
ravrav36 posts since
Apr 21, 2010
Rep Points: 147
1. Thursday, July 14, 2011 - 10:10 AM
A whopping 1% "guaranteed" (i.e., no lower than, but also no higher) for one year on a minimum $15G balance. Whoopty doo!
3
WhataBummerWhataBummer413 posts since
Oct 15, 2010
Rep Points: 1,702
2. Thursday, July 14, 2011 - 11:45 AM
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.

 
2
ravrav36 posts since
Apr 21, 2010
Rep Points: 147
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