My Banking Direct offers the best interest rate money market account. This money in the bank deal lets you earn an interest rate of 1.25% APYfor balances more than $5,000. For balances $5,000 and below earns you an interest rate of 0.25% APY. You also need to have a minimum daily balance of $1,000 for you not to get charge of a monthly service fee.

Individuals who want to take advantage of this money market rate may visit the bank’s website and complete the application form. You are also required to deposit a minimum of $5,000 to open an account. The earnings of this money in the bank is compounded and paid on a monthly basis.

In case you decide to close your account before the interest is credited to your account, you will still receive the accrued interest. The bank also offers unlimited check writing. In addition to this, you can also make up to 6 withdrawals per statement cycle. The downside of this money market account is that you are required to pay $4.95 per month for the MoneyHQ. This MoneyHQ is used to make ACH transfers. Please be reminded that upon opening of your money market account the interest rate may change, so make sure to check with the bank for the latest numbers.

My Banking Direct is an online division of New York Community Bank. They already have over $38.5 million in declared assets. The bank is also a member of the Federal Deposit Insurance Corporation with certificate number 16022.