ADB Bank offers a competitive money in the bank deal through their Direct Wealth Money Market account. The current interest rate is pegged at 1.40% APY for all balances. This money market account has the following features:

• The bank does not demand for any minimum balance
• No monthly service fees
• The first order of checks is on the bank
• Free use of the online bills payment system
• Limited to 6 withdrawals every month as guided by federal law

Interested consumers from any state can apply by phone through 1800-5494828. The current money market rate is accurate as of February 15. The interest rates have declined a bit in the past few months by a few basis points but the one they have now remains to be very competitive.

Based on previous reports, the bank has a weak ACH system. We are not sure if they still require an account holder to fax an EFT or electronic funds transfer form and verify trial deposits before you can make an ACH transfer. It will be a process of you emailing the bank to give them authorization and the bank calling you to confirm the transfer. One way around this inconvenience is to initiate an ACH transfer from another bank.

The bank does not do a hard credit inquiry but they use the ChexSystem to verify you identity during the application process. The website of the bank does not have an FAQ and does not have a post with regard to fees which may affect the earnings of your money market account.

ADB is a small bank in Cedar City, Utah. The bank is performing fairly with 3 stars coming from bankrate.com and 4 stars from BauerFinancial for its financial performance.

The bank is insured with the FDIC through certificate number 57962.