Citibank Offering 2.5% APY on Money Market in Boston

I just got 2.5% on a money market from the Citibank branch in a suburb of Boston. I don't know if the rate is national but here is something I learned in the process about "new" money."

The minimum deposit was $25,000 which was fine because I had to roll-over about $100,000 from a maturing CD. I had $50,000 coming due at Citi and $50,000 at another bank. At first they told me the 2.5% rate was only for new money which was ridiculous. I was going to have to remove the $50,000 I had at the bank and replace it with another $50,000. The woman at the bank also admitted there was nothing stopping me from taking the money, depositing it in another bank for a few days, and then brining it back. No wonder these banks are having problems!

Eventually they relented and told me I could deposit the full $100,000, new money be damned. So there's a lesson for everyone. The banks may say new money but it's awfully difficult to enforce and when push comes to shove, most will relent.