United Bank Has Limited Time Money Market APY Promo


Availability: Market area for the online Advantage Money Market includes CA, CT, GA, ME, MD, MA, NJ, NY, PA, RI, TX, VA, and WA.

Less than a month ago, I wrote about United Bank’s new Advantage Money Market that is available only online. Yesterday (before the Fed’s announcement of a rate hike), United Bank increased the Advantage Money Market APY by 25 basis points. Balances between $500 and $500k will now earn 1.35% APY, with balances of $500k+ continuing to earn 0.05% APY.

The Advantage Money Market still requires a $500 minimum opening deposit. This new rate is being promoted as a “limited time offer,” but CSR was not able to provide an end-date.

1.25*%-$500kUnited Bank (MA)Advantage Money Market (Online Only)
OTHER TIERS: 0.05% $500k+
Accounts mentioned in this post. Rates as of May 25, 2017.

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.


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.

As listed on the online application, the market area for the online Advantage Money Market now includes California, Connecticut, Georgia, Maine, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Rhode Island, Texas, Virginia, and Washington.

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 5.65% (excellent) based on September 30, 2016 data. In the past year, United Bank has increased its total deposits by $430.67 million, an excellent annual growth rate of 10.63% 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 205,000 customers and with assets in excess of $6.5 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 first.

The above rates are accurate as of 12/15/2016.

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.

CTM   |     |   Comment #1
A fairly lengthy opening process (which will time out, so have your drivers license handy).

There are automated emails sent during the opening process to verify your email address and that of any co-applicant.

They send trial deposits to the funding account which you must verify.

The selection of identity verification questions included some unusual ones, along with the standard ones.

1. What year was my house built?
2. What was the original purchase price?
3. What credit card did you open in 1986?

I'll update this post as more details are available.
Carpline   |     |   Comment #2
My favorite identify verification question was, "In what month is Eric's birthday?" I responded, "Eric who?" since I don't even know anyone named Eric. "Eric who has the same last name as you." Needless to say, I failed that round of verification questions.
CTM   |     |   Comment #3
The two trial deposits appeared on Friday, 12/16. Verified on 12/16.

Initial deposit ACH'd out by United today, 12/19.

No account access yet.
NYCDoug   |     |   Comment #4
This can be a little convoluted to set up. Multiple verifications via email, each step of the way. Then you have to go to the main website "bankatunited" {not the "application" sub-site} and click "Enroll" . . . with still a few more steps ahead.

I can now see my account, funded as requested (with an equivalent withdrawal, following the trial deposit verification step, at my funding bank). However, I have an as yet unanswered call into United -- 5+ hours ago (they said they'd get back to me) -- because, when I clicked my account's Info link, I found that the interest accrual rate posted is 1.09% . . . not the advertised 1.35%

Big oops! Probably just not updated by their programmers . . . but something to definitely keep an eye on.  Have they not yet gotten back to me because they're too embarrassed, or have no solution, or . . . ? [Worst case scenario: deceptive advertising. Or sudden -- bait and switch -- "rate change"]

I'm giving them the benefit of the doubt (and the prospect of a great 1.35% rate) for another day. Else I may pull my money back into the 1.25% account it came from (an offer which lasts through February). Hope there are more of these -- great rates, not frustrations or outright deceptions -- on the 2017 horizon.
Anonymous   |     |   Comment #5
They owe you by law what they advertise
NYCDoug   |     |   Comment #7
Fixed overnight, to 1.34% [1.35% APY]

But my friend's account, opened a day after mine, has the same problem: the previous rate of 1.09% [1.10% APY]. I've instructed him to send the bank an internal email -- which is how I got a response (yesterday) and a correction (today).

Be vigilant!
CTM   |     |   Comment #8
Logged into account today 12/21.

Alliant ACH'd the initial deposit on 12/19, but the United account was credited as of the opening date 12/16.

Interest rate shows 1.34%.
NYCDoug   |     |   Comment #6
6 months . . . and then?

[from the Rate Sheet]:

Additional Information
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 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.
Anonymous   |     |   Comment #9
That is why I do not chase rates tied to money market accounts.
DCGuy   |     |   Comment #10
Does this bank have the DIF insurance coverage that some banks in MA have?
DCGuy   |     |   Comment #11
I tried to apply for an account over the weekend, but got declined due to unable to verify identity. The online application process did not go smoothly. Going through the email verification and knowledge questions for the primary applicant went smoothly, but when the co-applicant side went through the email verification and knowledge questions, the website took hours to process (it did not time out) after the email code was input. Then over an hour waiting for the knowledge questions to load. Finally, just reloaded the page and it switched me over to the login screen to resume the application. Then it returned back to the point of the co-applicant knowledge questions and finally displayed them. I entered the responses and it replied that the application was complete. Then I got the response from the bank that the ID could not be confirmed and to go to a branch office to open the account. Offices are too far away just to get a 1.25% savings account.
United Bank (CT/MA) Introduces Online Advantage MMA

UPDATE 12/14/16: Rate changed to 1.35% APY

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.

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.”...

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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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