Just in case you’re not ready for sudden money market rate drops, the tiered set up of the money market account at Mutual Federal Bank might please you. The top yield is 1.25% APY and you can only earn this for balances of $25,000 and above. For balances between $10,000 and $24,999, the rate drops only a few points to 1.15% APY. 1.01% APY can be earned for balances between $2,500 and $9,999.

There is also no minimum balance, so balances between $0 and $2,499 still earn up to 0.75% APY. Of course, money market rates tend to fluctuate frequently. You might want to check the bank’s website before opening an account.

A $200 balance needs to be maintained, though, if you want to avoid the $5 monthly fee. This is also the same amount needed to open an account. You also get free check writing privileges when you open this MMA. You have free ATM access as long as the machine belongs to Mutual Federal Bank. A transaction fee might be charged, though, if you use the machines of other banks.

Your monthly statements will be delivered to you electronically. These are also for free. Online banking for this account also has no charges. Since the account is offered online, branch visits are not necessary to open the account. There is a tool on the website which allows you to open an account from any state.

The Mutual Federal Bank has been around since 1905 and has a satisfactory financial health rating. Both Bankrate.com and BauerFinancial.com gave it 3 stars for safety and soundness. The bank is also federally insured under FDIC Certificate # 28302.