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EverBank Increases Bonus MMA Rate from 1.01% to 1.25% APY
 

EverBank Increases Bonus MMA Rate from 1.01% to 1.25% APY

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Everbank which had been offering a 6 month promotional money market rate of 1.05 has increased the rate to 1.25 percent, an increase of 20 basis points or on a percentage basis, 19 percent. Everbank is the fourth bank to increase a deposit rate over the past month.

The other banks that either increased bank CD rates or savings rates include, CIT Bank, Barclays Bank and American Express Bank. This is an interesting trend since interest rates are making all-time lows in general.

Everbank's Yield Pledge money market account promo rate of 1.25 percent along with the ongoing rate of 0.76 percent sets the first year account APY at 1.01 percent. The promo 6 month rate and first year APY is only for balances below $50,000. Balances above 50k earn the ongoing rate of 0.76 percent.

EverBank's first year APY of 1.01 percent is now higher than Barclays Bank's savings rate of 1.00 percent, American Express Bank's online savings rate of 0.85 percent and Ally Bank's savings rate of 0.84 percent.

Frankly since Everbank's rate is a promo rate you might be better off sticking with one of the other bank's accounts since after the first year (or if you have more then 50K in the account) the rate goes back to 0.76 percent.

EverBank's 1 year CD rates are also higher at 0.81 percent so that is an option as well. Though EverBank's 1 year CD rate isn't the best CD rate around these days, CIT Bank holds that distiction with a 12 month rate of 1.09% APY 1.10 percent.

Author: James Martin
June 7th, 2012