Money Market Rates
If you have your savings dollars in a big bank or a bank with low savings rates, then you are losing money. We've found FDIC insured banks that will pay you more. Take a few minutes to explore the options below and see how you can boost your savings by more than 6X the national average rate. There is competition for your money. Take advantage of it!
|Banks||APY||Vs. Nat'l Av.||Min Bal||Miles ?|
|Carter Bank & Trust||0.40%||3.03x||$25,000||18.68|
|John Marshall Bank||0.40%||3.03x||$25,001||6.09|
|John Marshall Bank||0.30%||2.27x||$2,501||6.09|
|Carter Bank & Trust||0.30%||2.27x||$2,500||18.68|
|The Freedom Bank of Virginia||0.30%||2.27x||$10,001||15.31|
|Presidential Bank, FSB||0.30%||2.27x||$10,000||6.05|
|Presidential Bank, FSB||0.25%||1.89x||$1,000||6.05|
|TD Bank, National Association||0.20%||1.52x||$25,000||15.28|
|The Middleburg Bank||0.20%||1.52x||$2,500||0.94|
|The Freedom Bank of Virginia||0.20%||1.52x||$2,501||15.31|
|TD Bank, National Association||0.20%||1.52x||$25,000||5.59|
|Bank of Georgetown||0.20%||1.52x||$25,000||13.56|
|First Virginia Community Bank||0.20%||1.52x||$25,000||10.31|
|TD Bank, National Association||0.15%||1.14x||$10,000||15.28|
|TD Bank, National Association||0.15%||1.14x||$10,000||5.59|
|Burke & Herbert Bank & Trust Company||0.15%||1.14x||$25,000||15.32|
|Union Bank & Trust||0.15%||1.14x||$25,000||14.20|
|First Virginia Community Bank||0.15%||1.14x||$2,500||10.31|
|Capital One, National Association||0.15%||1.14x||$10,001||0.74|
|PNC Bank, National Association||0.14%||1.06x||$25,000||0.73|
|PNC Bank, National Association||0.12%||0.91x||$25,000||13.60|
|Damascus Community Bank||0.12%||0.91x||$25,000||17.43|
|PNC Bank, National Association||0.12%||0.91x||$25,000||0.73|
|Citibank, National Association||0.10%||0.76x||$25,000||14.74|
|PNC Bank, National Association||0.10%||0.76x||$10,000||13.60|
|Union Bank & Trust||0.10%||0.76x||$10,000||14.20|
|Capital One, National Association||0.10%||0.76x||$1||0.74|
|Summit Community Bank, Inc||0.10%||0.76x||$10,000||5.81|
|PNC Bank, National Association||0.10%||0.76x||$10,000||0.73|
|The Fauquier Bank||0.10%||0.76x||$25,001||17.79|
|Citibank, National Association||0.10%||0.76x||$25,000||5.75|
|Burke & Herbert Bank & Trust Company||0.10%||0.76x||$2,500||15.32|
|Access National Bank||0.10%||0.76x||$25,000||5.10|
|Bank of Georgetown||0.10%||0.76x||$2,500||13.56|
|PNC Bank, National Association||0.09%||0.68x||$10,000||0.73|
|PNC Bank, National Association||0.08%||0.61x||$10,000||13.60|
|Fulton Bank, National Association||0.08%||0.61x||$1,000||7.59|
|Bank of Clarke County||0.08%||0.61x||$25,000||16.19|
|Damascus Community Bank||0.07%||0.53x||$10,000||17.43|
|PNC Bank, National Association||0.06%||0.45x||$10,000||13.60|
|TD Bank, National Association||0.05%||0.38x||$2,000||15.28|
|Manufacturers and Traders Trust Company||0.05%||0.38x||$25,000||8.08|
|Citibank, National Association||0.05%||0.38x||$10,000||14.74|
|Bank of Clarke County||0.05%||0.38x||$10,000||16.19|
|First-Citizens Bank & Trust Company||0.05%||0.38x||$1||5.91|
|The Fauquier Bank||0.05%||0.38x||$500||17.79|
|Citibank, National Association||0.05%||0.38x||$10,000||5.75|
|Access National Bank||0.05%||0.38x||$1||5.10|
|TD Bank, National Association||0.05%||0.38x||$2,000||5.59|
|Manufacturers and Traders Trust Company||0.05%||0.38x||$25,000||1.49|
|Summit Community Bank, Inc||0.05%||0.38x||$2,500||5.81|
|Union Bank & Trust||0.05%||0.38x||$1||14.20|
|Woodforest National Bank||0.05%||0.38x||$1||3.37|
|Bank of Clarke County||0.04%||0.30x||$1,000||16.19|
|Damascus Community Bank||0.03%||0.23x||$1||17.43|
|Bank of America, National Association||0.03%||0.23x||$1||13.50|
|Sandy Spring Bank||0.03%||0.23x||$2,500||14.78|
|Branch Banking and Trust Company||0.03%||0.23x||$1,000||8.08|
|Manufacturers and Traders Trust Company||0.03%||0.23x||$2,500||8.08|
|Wells Fargo Bank, National Association||0.03%||0.23x||$1||13.52|
|PNC Bank, National Association||0.03%||0.23x||$1,000||13.60|
|PNC Bank, National Association||0.03%||0.23x||$1,000||0.73|
|Manufacturers and Traders Trust Company||0.03%||0.23x||$2,500||1.49|
|Wells Fargo Bank, National Association||0.03%||0.23x||$1||0.96|
|Sandy Spring Bank||0.03%||0.23x||$2,500||2.37|
|Bank of America, National Association||0.03%||0.23x||$1||1.53|
|Branch Banking and Trust Company||0.03%||0.23x||$1,000||0.92|
|Citibank, National Association||0.01%||0.08x||$1||14.74|
|Citibank, National Association||0.01%||0.08x||$1||5.75|
BestCashCow strives to maintain the most accurate rates. If you find a rate that is not accurate, please let us know by commenting below so that we can update it. Thank you for your help.
Local Money Market Accounts
Money market accounts, or MMAs are very similar to savings accounts. Both are an FDIC deposit that earn interest and can be withdrawn at any time. The principle difference is that MMA often come with check writing functionality, while savings accounts often do not. Since the account is not technically considered a transaction account, is subject to the same limitations as savings accounts: only six withdrawals per month are allowed under Regulation D. From a practical perspective, savings accounts and money market accounts are virtually the same.
Money market accounts should not be confused with money market funds. Money market funds are non-FDIC funds comprised of short term investment securities such as bonds and commercial paper. Banks often offer them as an alternative to money market accounts. In the past, money market funds often earned higher interest than money market accounts but since the global financial crisis, yields on money market funds have remained significantly below money market accounts. That, coupled with the lack of FDIC insurance, makes them an unattractive place to place savings.
· Higher interest rate than a checking account, usually.
· Personal service and interaction. Unlike an online account you are building a relationship with your banker by opening it in a branch.
· Online access. Often, depending on the size of the bank, good online banking functionality.
· Liquidity. Depositors can withdraw their money at any time.
· A variable interest rate. Rates can change at any time. In a falling rate environment, this is a negative. In a rising rate environment, this is a positive.
· A lower rate than an online bank. Branches are expensive and non-online banks often can't afford to pay as much interest as an online bank.
To see how this account compares to other similar types of investments, please view the BestCashCow income guide. View it here.
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