United Bank (CT/MA) Introduces Online Advantage MMA

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Availability: Market area for the online Advantage Money Market is New England and the upper East Coast States.

Earlier this month, United Bank introduced its Advantage Money Market, which is available only online. Balances between $500 and $500k earn 1.10% APY, with balances of $500k+ earning 0.05% APY. The minimum opening deposit is $500.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.10*%-$500kUnited Bank (MA)Advantage Money Market ( Online Only)
Accounts mentioned in this post. Rates as of December 6, 2016.

There is a monthly service fee of $15, which will be waived if “a daily minimum balance of $2,500 or more is maintained in your account.” Withdrawals made at United Bank or Allpoint ATMs are fee free, but there is a $2 fee per transaction when using an outside of network ATM.

Availability

Headquartered in Vernon Rockville, Connecticut, United Bank’s primary market area includes Western and Central Massachusetts, and Hartford, Tolland and New Haven Counties in Connecticut.

According to CSR, the market area for the online Advantage Money Market covers New England and the Upper East Coast states (New York, New Jersey, and Pennsylvania).

While United Bank has 33 Connecticut and 21 Massachusetts branches, the Advantage Money Market must be opened online.

Bank Overview

United Bank (FDIC Certificate # 18203) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 6.18% (excellent) based on June 30, 2016 data. In the past year, United Bank has increased its total deposits by $267.86 million, an excellent annual growth rate of 6.32% APY. Please refer to our financial overview of United Bank for more details.

In 2014, Connecticut’s Rockville Bank and Massachusetts’ United Bank merged to become one of New England’s largest community bank, serving more than 215,000 customers and with assets in excess of $6.4 billion. With a combined 290+ years of operation, the Banks have joined to “combine the proud legacies of two strong, independent-minded community banks to create the premier community bank in New England.”

How the Advantage Money Market Compares

When compared to the Money Market accounts tracked by DepositAccounts.com available within the online market area, United Bank’s Advantage Money Market APY currently ranks third.

Interest RateAccount NameCredit Union/Bank
1.25% APYMoney Market Special 3 ($10k min/$2m max)EBSB Direct
1.11% APYYield Pledge Money Market (no min/$250k max)EverBank
1.10% APYAdvantage Money Market ($500 min/$500k max)United Bank

The above rates are accurate as of 11/25/2016.

To look for the best MMA rates, both nationwide and state specific, please refer to our Money Market Accounts rates table or our Rates Map page.

Comments
Money Market, CD and Checking Promotions at United Bank in MA - Local Only

United Bank is advertising three attractive deposit specials:

  • 1.50% APY money market account with the rate guaranteed to 9/30/10. Minimum balance to qualify for this rate is $20,000.
  • 1.75% APY 11-month CD. Minimum deposit is $500. IRA CD is also available
  • $100 sign-up bonus for opening a free banking package (checking and a savings account) with direct deposit.

These specials don't seem to be listed at the bank's website. They were advertised in a 4/8/10 edition of a Greater Boston Area newspaper. The ad is available online here. I just called the bank, and...

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