High Yield Rates for MMA and Savings Account

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Prod.	Institution	Intro Rate	Intro Mos	Rate Post Intro	CM	APY	Min Bal Open	Min Bal Avoid Fees	Mthly Fees	Check Writing	Comments
$50K IRA MMA	MetLife Bank Bridgewater, NJ Posted: 11/13/09	1.29	0	1.29	D	1.30	$50,000	0.00	0.00	YES	Consistently Competitive Rates! Learn More.
$50K IRA MMA	EverBank Jacksonville, FL Posted: 11/20/09	2.51	3	1.50	D	1.51	$50,000	5000.00	8.95	YES
$50K IRA MMA	First Internet Bank of Indiana Indianapolis, IN Posted: 11/20/09	1.24	0	1.24	M	1.25	$50,000	4000.00	5.00	NO
$50K IRA MMA	BankDirect Dallas, TX Posted: 11/20/09	0.15	0	0.15	D	0.15	$50,000	0.00	0.00	YES
$50K IRA MMA	OneWest Bank, FSB Pasadena, CA NR Posted: 11/19/09	1.34	0	1.34	D	1.35	$50,000	1000.00	7.00	YES

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Financial terms: view below the definition for terms used on this search results page.

Product: A money market account (MMA) is a high-yield savings account that is FDIC insured and that allows consumers to put their money into accounts that have higher yields than passbook or statement savings accounts. A savings account is a liquid account that generally offers low or no minimum balance requirements, often carries a monthly service charge and generally pays a low rate of interest. The account usually has no restrictions on the number of transactions. An individual retirement account (IRA) is a special retirement planning account for individuals.

Institution: The organization in which you deposit your funds. This survey group includes banks, thrifts and other representative institutions.

Intro rate: The interest rate when the account begins.

Intro mos: The length of time the introductory rate is in effect in months.

Rate post intro: The rate after the introductory rate ends. The simple interest rate. The annual rate of return without compounding interest.

CM: The compounding method used in Bankrate tables. The letters are abbreviated for the following: S for simple interest; A for compounded annually; H for compounded semi-annually; Q for compounded quarterly; M for compounded monthly; and D for compounded daily.

APY: The annual percentage yield based on an institution’s compounding method, assuming funds remain in the account for a 365-day year.

Min bal open: The lowest amount an institution requires to open an account and earn interest.

Min bal avoid fees: How much must be kept in the account based on agreement terms. If the account goes below this amount, a charge is levied.

Mthly Fees: The amount charged for not maintaining the minimum balance.

Check writing: Whether or not checks are written on the account.

Advertiser comments: Additional information given by the listed institutions.

Avg. rate after intro: The average of all the rates after introduction in the average rate after intro column.

Avg. APY: The average of the annual percentage yield in the APY column.

Avg. min deposit: The average of the minimum amounts to open.

Show selected only: This reduces the number of listings in the rate table and compares the products you selected by clicking the check box.

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Savings tip

When saving money, look to online savings accounts to earn the highest interest yields. Remember, on higher-interest accounts, the minimum balance to open an account may also be higher. Check Bankrate's rate tables for the highest yields.

Savings tip

While they may have high yields, most online savings accounts don't allow you to write checks, so make sure your online savings account can link to a checking account to make deposits and withdrawals easier.

Savings tip

When beginning to save, start by saving on autopilot. Before your paycheck makes it to your checking account, have 10 percent of each check deposited into your savings account. By not seeing the money, it's less tempting to use it.

Savings tip

Everyone should have a savings account for emergencies, also known as an emergency fund. It should have between three to six months of living expenses, if not more. Set the savings account up so money automatically deposits into the account.

MMA tip

For even higher yields, look at money market accounts, or MMAs. While also insured by the FDIC for up to $100,000, there are higher minimum balances and more restrictions on withdrawals. Use Bankrate's search feature to find the highest yielding MMAs.

MMA tip

A money market account may not be ideal for an emergency fund, but it is great for short-term needs, between three months and a year, or for items like furniture or down payments for a car.

MMA tip

Money market accounts are a great place for investors to store liquid funds between investments. They are completely insured by the FDIC for up to $100,000 and earn a return (in the MMAs case, a high yield) with a minimum amount of risk.

IRA tip

Think about a Roth IRA. A Roth offers the benefit of funding with after-tax dollars that grow tax-free and can be withdrawn tax-free when you are 59½ or older. One caveat – you can't have a Roth if you make $114,000 or more.

IRA tip

Match your employers contributions to your retirement fund. It's free money, why not take advantage of it? If your employer offers to match your contribution up to a certain percentage, you are only helping yourself by putting in the same amount.

IRA tip

Asset allocation is the best way to maximize your IRA. Asset allocation is finding the right mix of stocks, mutual funds, bonds and other investments to balance your risk versus return. And don't be afraid to make changes if your portfolio isn't performing the way you think it should be.

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For an explanation of savings terms, click here. These rates are updated weekly. For criteria used in surveys of rates above, click here. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site, where you can find additional information. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration. Bankrate.com rates banks, thrifts and credit unions through proprietary Safe & Sound star rating system. Rates are subject to change without notice and may vary from branch to branch.

Avg. Rate	Avg. APY	Avg. Min Deposit
1.104 %	1.112 %	$50,000