Maspeth Federal Savings Bank offers an attractive interest rate for their money market account which now yields 1.05 % APY for a minimum balance of $2,500. The earnings are compounded continuously and posted on a monthly basis.

You can enjoy the best money market rates of this money in the bank deal when you open the account with a minimum deposit of $2,500. In case you fall below this set minimum, you will receive a lower money market interest rate.

Account holders might also opt to stay at least above $1,000.01 while maintaining the account to avoid a $5 imposed fee every statement cycle.

Like other money market accounts, transfers of funds to another account or to a third party by phone, automatic transfer, or preauthorized transfer is limited to six transactions per month. Anything beyond this limit may be subjected to certain fees.

It seems that you need to drop by a branch to open a money market account or their other savings offerings. Also take note that the interest rates that we have here may be changed by the bank without prior notice. The numbers above are still posted on the bank’s website as of today.

Maspeth Federal is headquartered in Maspeth, New York with branches in Rego Park, Forest Hills, Fresh meadows, Ridgewood, and New Hyde Park. If you have questions with regard to their products and services, you can call the bank via 718-335-1300.

The bank has a long history being federally chartered as early as 1947 as a loan and savings association. The bank has around $1.65 billion of assets and around $1.22 billion in deposits. Maspeth Federal is a member of the FDIC.