Sterling National Bank invites consumers to take advantage of this attractive interest rate on their money market account. This money market deal lets you earn an interest rate of 1.01% APY when you deposit a minimum of $2,500 to open an account. The maximum initial deposit on this money market account is $150,000. You are required to maintain a minimum daily balance of at least $2,500 to earn this best interest rate and to avoid penalty on your money market account.

The bank also advertises convenient online transfers in and out of your other accounts. There is also a free checking account that comes with this best money market account. This free checking account must maintain a combined balance of $3,500. According to the bank’s account disclosure, customer can only make up to 6 transfers or withdrawals per statement cycle. Three of which can be made with point of sale transactions and for the other three transfers must be made via pre-authorized.

You can also start managing your account and even pay your bills thru the online banking facility. You need to enroll your account to have access to this service. You can also view your statement by subscribing to electronic bank statement for free. Please be reminded that once the account is opened the interest rate of this money market account may change, so I suggest that you contact the bank first before opening an account and get their most current interest rate.

For you to start earning this best money market rate, you need to visit the bank’s website and print the application form. You must mail the copy of your application with signature on it. Together with the form you also need to send a copy of your driver’s license or state issued ID and a check for your initial deposit to complete the process of your application. You may call customer service hotline if you need assistance in applying thru 212-757-3300. Please note that this best money market account is open to New York residents only.

Sterling National Bank has branches located in the cities of Yonkers, Woodbury, New York City, New York, Long Island City, Jamica, and Great Neck in the state of New York.

The bank was opened in 1929. Sterling National Bank has been a member of the Federal Deposit Insurance Corporation since 1934 and has an FDIC certificate number of 7220.