Most money market accounts are high yielding, but they ask for a minimum deposit and balance that’s just too high for most people’s capacities. This isn’t the case with OneWest Bank’s E-Money Market Account. This account lets you earn up to 1.15% APY for a minimum deposit and maintaining balance of $1,000. It has no cap, so you can deposit as much funds as you can.

The high yield is the bank’s way of thanking you for lessening their overhead charges. After all, when you receive your statements online and you transact electronically, you save them a lot of money. For now, the annual percentage yield is a flat 1.15% for all brackets, including funds exceeding $250,000. This is comparably high compared to the bank’s regular money market rates which only go over 1% once the funds reach $50,000.

Expect to pay $7 a month for service fees for this account, though. This is probably the only clincher in the deal, as most MMAs from competitors do not charge monthly service fees. All ATM transactions and online banking transactions from the e-money market account are, of course, for free. You have to be 18 years old or older, and a citizen of the United States of America, to qualify for the account.

Since this is an electronic account, you can apply online. The headquarters of the bank is located in Pasadena, California. If you’re within the U.S. and you’re having difficulty navigating the page, you may call their customer contract service at 1-800-750-8521. There are 73 convenient branches spread across Southern California, but this particular money market account can only be opened online.

While the MMA’s rate seems stable, it’s still advisable for you to check the website for updates before opening an account. OneWest Bank has yet to be rated in Bankrate.com and BauerFinancial.com because it was only established last year. The bank is a member of the FDIC, though, and is insured through FDIC Certificate #58978.