United Bank Ups Advantage MMA Special Rate

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Deal Summary: Advantage Money Market Special, 1.95% APY, 180-day rate guarantee, minimum $500 opening deposit, new money, available only online.

Availability: Market area for the online Advantage Money Market Special includes CA, CT, DE, FL, GA, KS, KY, LA, MA, MD, ME, MO, NC, NE, NH, NJ, NY, OK, PA, RI, SC, TX, UT, VA, and WA.

United Bank is now offering an Advantage Money Market Special (1.95% APY), with a 180-day rate guarantee. A minimum $500 opening deposit of new money is required and there is no stated balance cap. The minimum balance to earn the stated APY is $1. There is also a limit of one promotional rate account per customer.

The fine print on the Deposit Rates page states:

The promotional rate and tiers will be in effect for 180 days from the date the account is opened after which the standard rates and tiers that apply to the Advantage Money Market will be the rates and tiers in effect.

Please refer to your statement, online banking or call us for the standard rates and tiers on our Advantage Money Market account.

The only problem with that statement is that there is no “standard rate” listed: there’s only one rate on the website and, as of today, it’s 1.95% APY.

The fine print also states,

The variable interest rate that would have been in effect (but for the introductory rate) is currently the same as the promotional rate. This rate is not tied to an index or formula and is determined solely at our discretion and may go down after the introductory promotional period ends.

United Bank has been offering a 180-day rate guarantee on the Advantage Money Market (AMM) since July. When I wrote about the AMM rate increase in early January, it was unclear if existing accounts would receive the new higher rate or not. According to CSR, that while the Bank is making every effort to applying the new 1.95% APY to existing AMMs, “you should call the Bank to make sure you’re getting the new rate.”

This morning, CSR confirmed that the following information is still applicable:

  • Following the rate guarantee period, the APY may be lowered (no lower than 1.00% APY), but the Bank will not officially notify you of any change. It is the customer’s responsibility to manage the account, i.e., keeping track of rising and falling rates.
  • There is check writing available, and United Bank provides 100 free checks.
  • While it was reported in the past that there was a maximum of five externally linked accounts, I was told there is no limit of the number accounts you can link.
  • ACH transfers initiated from United Bank are limited to $5k per day, but this can be raised to $100k day if you contact the Bank; there is no monthly limit. As CSR said, “You can always just write a check.” Incoming transfers are limited to $250k per day, with no monthly limit.

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 $2.50 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 the Connecticut counties of Hartford, Tolland and New Haven.

As stated on the online application, the market area for the Advantage Money Market Special includes California, Connecticut, Delaware, Florida, Georgia, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Missouri, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Texas, Utah, Virginia, and Washington.

While the Advantage Money Market Special must be opened online, United Bank has 33 Connecticut and 21 Massachusetts branches, for transactions that require a brick-and-mortar setting.

Bank Overview

United Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.72% (excellent) based on December 31, 2017 data. In the past year, United Bank has increased its total deposits by $426.13 million, an excellent annual growth rate of 10.24% APY. Please refer to our financial overview of United Bank (FDIC Certificate # 18203) for more details.

In 2014, Connecticut’s Rockville Bank and Massachusetts’ United Bank merged to become one of New England’s largest community banks. United Bank currently holds assets in excess of $7.1 billion, with nearly 200,000 customer accounts. 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 Special Compares

When compared to the Money Market accounts tracked by DepositAccounts.com that are available within the online market area and are not limited by low balance caps, United Bank’s Advantage Money Market APY currently ranks second.

The above rates are accurate as of 5/10/2018.

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

Related Pages: Boston money market accounts, Hartford money market accounts, Springfield money market accounts, money market accounts

Comments
Mikey1
Mikey1   |     |   Comment #1
Current customers at 1.7% rate NOT automatically raised to the higher rate. I had to call and was then told 3-5 days to make the change.
Hank
Hank   |     |   Comment #2
For new customers, I wonder if they clobber you with a hard pull to open this DEPOSIT account.
sid
sid   |     |   Comment #3
1.95% over my 1.75% Ally cd's not worth it imo since they will obviously lower the rate in 6 months. They are saying two maybe three more rates hikes coming this year. I'm going to continue to sit and wait for higher rates.
CapitalClimate
CapitalClimate   |     |   Comment #4
Note this is not the same United Bank with locations in Maryland and Virginia.
https://www.bankwithunited.com/contact-us#Location
Reader1
Reader1   |     |   Comment #6
Correct. DA calls the bank in this blog "United Bank (MA)", and the larger bank with branches in DC metro area "United Bank (VA)".
DCGuy
DCGuy   |     |   Comment #8
Two different websites.

www.bankwithunited.com (WV)
www.bankatunited.com (MA)

Note that United Bank (WV) branch office on Fair Lake Boulevard in Fairfax, VA was set on fire by someone who discarded smoking materials on a nearby shrub resulting in the bank building being burned down. All safe deposit boxes at the location have been temporarily relocated to another branch office.
DCGuy
DCGuy   |     |   Comment #9
The United Bank's (WV) current rate for their Platinum Checking is 0.68%. It dropped from the rate offered at Cardinal Bank which was bought out. I refer to the bank in WV because that is the address shown on the bank envelope.
RichReg
RichReg   |     |   Comment #5
Called and found more perks: you can fund your account with a debit OR CREDIT card.
I asked twofold to Samantha:
1) With a credit card, is it done as a cash advance or regular charge?
2) What's the limit?

Answers: Done as a regular charge AND no limit?
Even though I heard it with my own ears, ...sorry, I don't believe there's no dollar limit.
Has to be....
Peter
Peter   |     |   Comment #7
Hmmm...the unlimited funding from a CC as a purchase and not a cash advance would be a big windfall if true. Sounds unlikely but one can dream, right?
RichReg
RichReg   |     |   Comment #17
@Peter, ..as I suspected, I did hit the $500 limit same as Fuzzy, ...BUT,
..this morning charge came thru on my CHASE Rewards Visa as purchase, not cash advance. Yay!
Fuzzy
Fuzzy   |     |   Comment #10
Am hitting a limit of $500
Fuzzy
Fuzzy   |     |   Comment #11
. . . also bank is now saying charge might not go through as a purchase.

Total wipeout
Peter
Peter   |     |   Comment #12
No surprise there. Well it was worth a try, right?
Sam L.
Sam L.   |     |   Comment #13
Not certain. Even successful applicants at UnitedBank are assaulted with a hard pull and a ChexSystems inquiry. People are encouraged to decide for themselves whether or not such as that is "worth it". I'm personally not a fan. This bank has a very hard edge.
DCGuy
DCGuy   |     |   Comment #14
I tried to open an account at this bank last year. It went into hibernation during the security question portion of the online application. After over an hour, I finally refreshed the screen and I got back a response screen saying that a later update on the application would be provided. A few days later, I got an email saying that the account could not be opened (without giving any reason). I guess I lucked out on that one.
RichReg
RichReg   |     |   Comment #16
@Fuzzy...curious, did your initial deposit ultimately go thru as purchase or cash advance?
#15 - This comment has been removed for violating our comment policy.
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