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Retirement Savings: How Much Should I Save Each Month?4.30% on Top Tier of Advanta Bank's Money Market
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POSTED
ON BY Ken Tumin
Advanta Bank has made some nice rate hikes on its Money Market Accounts. The 4.30% APY applies only to deposits of over $100K. However, deposits as small as $1K earn 4.15% APY.
In the previous post I had just mentioned Countrywide Bank and how it hasn't kept up on its money market rates. On the other hand, Advanta has done a good job. Back in September, its money market account was 3.66% for deposits between $10K and $50K. Now the rate is 4.20% APY.
Comparing CDs, they're pretty close for 6 and 12 month terms. For terms over 3 years, Countrywide wins. However, it should be noted that Advanta Bank has a good rate of 4.91% APY for a 24-month CD. Countrywide's rate for a 2-year CD is only 4.75% APY.
Another thing I mentioned in a September post is that Advanta Bank has the same problem as Countrywide in lacking an ACH transfer system like what ING Direct has. However, you may be able to do ACH pushes into these money market accounts with HSBC Online Savings account or other banks that allow linking to non-checking accounts. This may provide a convenient way to fund CDs at these banks.
In the previous post I had just mentioned Countrywide Bank and how it hasn't kept up on its money market rates. On the other hand, Advanta has done a good job. Back in September, its money market account was 3.66% for deposits between $10K and $50K. Now the rate is 4.20% APY.
Comparing CDs, they're pretty close for 6 and 12 month terms. For terms over 3 years, Countrywide wins. However, it should be noted that Advanta Bank has a good rate of 4.91% APY for a 24-month CD. Countrywide's rate for a 2-year CD is only 4.75% APY.
Another thing I mentioned in a September post is that Advanta Bank has the same problem as Countrywide in lacking an ACH transfer system like what ING Direct has. However, you may be able to do ACH pushes into these money market accounts with HSBC Online Savings account or other banks that allow linking to non-checking accounts. This may provide a convenient way to fund CDs at these banks.