5.55% Money Market Account with $100K Tier at Ascencia Bank


Ascencia increased the rate on the top tier of its money market account from 5.25% to 5.55% APY. The top tier requires a balance of $100K. The rate drops drastically for balances under this amount. From $7.5K to $100K the rate is only 1.55%. From $1K to $7.5K it's 1.15%. If the balance falls below $1K, there's a $5/month fee. The money market account has limited check writing, and the first order of checks are free.

This money market account is clearly only a good deal for those with balances over $100K. Ascencia has a page in which they show how you can exceed $100K of FDIC insurance through different ownership options. The links point to the FDIC webpages with the official details.

For those with less than a $100K balance, Ascencia continues to have decent deals with their no-minimum savings account (at 4.75% APY) and a 5.50% APY 6-month CD and a 5.45% APY 12-month CD. The interest checking account only has 1% interest but it has no minimum balance requirements or monthly fees. The first order of checks are free.

These accounts are available to people from any state. Applicaions must be done oline. I had reported on Ascencia's savings account and CD's back in May. Please refer to that post for more info on Ascencia's account opening details and ACH features.

Ascencia Bank is based in Louisville, Kentucky and is a division of PBI Bank which is FDIC insured. Bankrate gives them 4 out of 5 stars (sound).
Banking Guy
Banking Guy (anonymous)   |     |   Comment #1
Forgot to mention that Ascencia also offers a similar money market account for Businesses. The APY is slightly less at 5.25% APY. Refer to this Ascencia page for more details.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
Rates have gone down a bit as of 1/2/07.

The rate for the MMA with $100K+ is now 5.47%

The 6mo and 12mo CD rates have also fallen a bit: 12mo CD = 5.28% APY and 6mo CD = 5.40% APY
Banking Guy
Banking Guy (anonymous)   |     |   Comment #3
Rates have gone down a bit more. It's now at 5.42% APY for both the personal and business money market account.
Anonymous   |     |   Comment #4
The rate is good for large balances. I just called to see if they pull a credit report since I want to open an account. They do, so this is not for me - have had too many credit pulls already just from spreading $ around at different banks.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #5
Thanks for the info. I guess it's a hard credit pull and not a soft?
Anonymous   |     |   Comment #6
I called again. CSR was more informed this time - not a hard credit pull as it turns out. I had an account with these guys for about a year but closed it early last year when rates were not keeping up. I was happy with the bank. Now they have attractive rates again (for high balances).