In late August, United Bank raised the rate on its online Advantage Money Market (AMM) to 1.36% APY, along with a six-month rate guarantee. With the expiration of the rate guarantee nearing, United Bank has released a new version of the AMM that earns 1.46% APY. The minimum opening deposit is $500 and is capped at $500k. The minimum balance to earn the stated APY is $1.
|1.46*%||-||$500k||United Bank (MA)||Advantage Money Market Special (Online Only)|
|OTHER TIERS: 0.05% → $500k+|
The new 1.46% APY is also guaranteed for six months, following account opening. 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.
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.
Since the 1.36% APY guarantee period is overlapping the new offer of 1.46% APY, I asked CSR if existing account holders would receive the higher APY guaranteed for another six months. CSR stated that once existing accounts had gone past the 180-day rate guarantee period, the “Advantage Money Market’s standard rate would apply, which at this time is 1.46% APY.” CSR was non-committal about the 180-day rate guarantee, as she did not have that information.
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 listed on the online application, the market area for the online Advantage Money Market now 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. (The number of states on this list has more than doubled since I first wrote about the Advantage Money Market in November 2016.)
United Bank has 33 Connecticut and 21 Massachusetts brick-and-mortar branches, but the Advantage Money Market must be opened online.
United Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.71% (excellent) based on September 30, 2017 data. In the past year, United Bank has increased its total deposits by $430.51 million, an excellent annual growth rate of 10.36% 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, serving more than 205,000 customers and with assets in excess of $6.9 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 Special Compares
When compared to the Money Market accounts tracked by DepositAccounts.com available with the online market area that do not require a large deposit or have a relatively low balance cap, United Bank’s Advantage Money Market Special APY currently ranks first.
|Interest Rate||Account Name||Credit Union/Bank|
|1.46% APY||Advantage Money Market Special||United Bank|
|1.45% APY||Money Market||SallieMae Bank|
|1.41% APY||Money Market Savings||UFB Direct|
The above rates are accurate as of 1/8/2018.
To look for the best MMA rates, both nationwide and state specific, please refer to our Money Market Accounts rates table page.