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MyBankingDirect Ups Money Market to 4.10%


MyBankingDirect increased the interest rate of its money market account from 4.00% to 4.10% APY today. Early in October it had raised the rate from 3.75% to 4.00%. The account requires at least $5K to open. If the balance falls below this, the interest rates falls to 2.50% APY. If the balance falls below $1K, there's a $10 monthly fee.

MyBankingDirect has done a good job this year in keeping up and often surpassing the savings account rate at EmigrantDirect. It use to have a $25 signup bonus, but this was dropped in October when the rate was increased to 4%.

As I mentioned in this previous post, MyBankingDirect has a few advantages over EmigrantDirect. One advantage is an ATM card with up to 3 refunds of ATM surcharge fees (up to $6) per statement cycle. Also you can use MyBankingDirect's Money HQ service for unlimited linking of external accounts and for account aggregation. However, there are some charges related to the Money HQ service. There's more discussion about these advantages and the disadvantages of MyBankingDirect at this Fatwallet thread. Details about fees are available at this MyBankingDirect page.

MyBankingDirect also offers a couple of short-term CDs. The 5-month CD earns 4.10% APY and the 6-month earns 4.20% APY. The only benefit of the 5-month CD over the money market is that it only requires $2.5K rather than $5K.