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.
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.
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.