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.” 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.
According to CSR, the market area for the online Advantage Money Market covers New England and the Upper East Coast states (New York, New Jersey, and Pennsylvania).
United Bank (FDIC Certificate # 18203) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 6.18% (excellent) based on June 30, 2016 data. In the past year, United Bank has increased its total deposits by $267.86 million, an excellent annual growth rate of 6.32% 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 215,000 customers and with assets in excess of $6.4 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 third.
|Interest Rate||Account Name||Credit Union/Bank|
|1.25% APY||Money Market Special 3 ($10k min/$2m max)||EBSB Direct|
|1.11% APY||Yield Pledge Money Market (no min/$250k max)||EverBank|
|1.10% APY||Advantage Money Market ($500 min/$500k max)||United Bank|
The above rates are accurate as of 11/25/2016.