While scouring the net for the best money market rates, you’ll probably come across Grand Bank’s Premium Money Market Account. This account yields up to 1.50% APY, which is undoubtedly one of the most tempting money market rates you’ll see today. It’s actually rare for anyone to see a money market rate that goes over 1.30% these days, so regardless of the terms that come with this yield, the account is attractive enough.

As in most money market accounts, this one is designed for those who have large funds to shell out. With only six withdrawals allowed per month and a $7,500 minimum deposit to open the account, it will turn off people who spend as much as (if not more than) they make.

Of course, true investors will know the difference between a 1.15% APY and a more impressive 1.50% APY. To earn the interest, you’ll also have to make sure that you have $7,500 in the bank and that your balance never falls below that.

The interest is paid every month for this account. According to the website, and as in most MMAs, you can order an unlimited number of checks. Online access is also free for this account, and just because your balance falls below $7500 doesn’t mean you stop earning money. Apparently, you will still be paid interest for your funds, but the rate falls back to 0.50%, which is the same rate applied to the bank’s Advantage Savings Account.

The six-withdrawals-a-month limit for third parties is imposed by the federal law, so you won’t find anything more competitive than that. If you find this stringent, then another account type might be more beneficial for you. Withdrawals made in person or through mail, though, are not limited by the account. You can make as many transactions as you want without paying for any fees.

Fees will only be applied (a total of $2 per item) if you make more than six third-party withdrawals within the same month. Since there is no online tool posted by the bank for applications, a branch visit is probably necessary to open an account. Branches of Grand Bank can be found across Massachusetts, mainly in Petal, and Hattiesburg.

Just make sure that you check their website for updates first (click on the tab which says “Current Deposit Rates”) so you won’t be wasting any trips to the bank. These rates tend to change every now and then. You would want to get the best deal when you open this account. The bank faired alright in the bank ratings. It received three and a half stars from BauerFinancial.com and three stars from Bankrate.com for soundness and safety.

Grand Bank in Massachusetts was established in 1968. It is FDIC insured under FDCI Certificate #31864. This means to say that it’s safe to deposit $250,000 per account in this bank.