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.
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.
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.