The Union Federal Savings Bank still offers a competitive interest rate for their money market account. The current interest rate is at 1.20% APY on all balances starting at $0.01 when you open the account with the required initial deposit of $1.

The best money market rate is compounded everyday and topped up to your account every month. The current interest rates are in effect as of January 5, 2010 but they can be changed any time without notice.

Consumers can complete an online application to open an account. You can also drop by their office in North Providence, Rhode Island. If you have some questions about their products and services, you can call their customer service line through 888-226-0819.

The website does not detail the fees involve when you manage the money market account. It will be wise to ask the bank about the factors which might affect the earnings of your savings before signing up for anything.

The small fonts on the website say that account holders can take out funds without any limit as long as they do it personally at a branch. The federal law however is still in effect in terms of the transfers that you can do every month.

Federal Savings Bank started their operations in 2001 as a community bank in Rhode Island. It was acquired by the First Marblehead Corporation four years ago.

The bank is indexed with the FDIC and covered by certificate number 57189.