In today's interest rate environment, it's nice to have a rate guarantee on a liquid account. That gives you the rate lock of a CD but without locking in your money until maturity. I found one nice rate guarantee on a money market account special at CrossFirst Bank. The bank is guaranteeing 1.00% APY on the CrossFirst Money Market Account until December 31, 2013 (over a year from now). This is being advertised in an 11/14/2012 edition of a Kansas City newspaper. The ad is available online here. It's a limited time special.
This rate guarantee applies to all of the money market rate tiers. Minimum initial deposit is $1,000, and a balance of $1,000 is required to avoid a monthly fee of $10. As is typical with any money market account, it has limited check writing with up to 6 checks per month.
I called the bank yesterday at 913-327-1212, and I was told a branch visit is required to open the account. The branch listed in the ad is at 4707 W. 135th Street, Leawood, Kansas 66224. This is in the suburbs of Kansas City. The bank also has branches in Wichita and Oklahoma City. I'm not sure if these other branches have this same promotion, so be sure to call if you're interested in this offer.
The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 2.11% (excellent) based on June 2012 data. Please refer to our financial overview of CrossFirst Bank for more details. The bank has been a FDIC member since 2007 (FDIC Certificate # 58648).
How This Rate Guarantee Compares
The best money market rate guarantee that's currently available is at EverBank. It guarantees a 1.25% rate for the first 6 months of account opening. The guarantee applies to balances up to $50K for the money market account and $100K for the checking account. Only new customers are eligible. This rate is accurate as of 11/14/2012.
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