Joining the ranks of the best money market rates today is Self Reliance New York Credit Union’s MMA account rate. This account yields as high as 1.61% APY, but there are certain conditions to be met to get this money market rate. To open the account, you need put in an initial minimum of $2500. In addition to that, you need to maintain this balance to earn the best money market rate and for you not to be charged with monthly service fees.

You are also required to withdraw at least $500 from the account every statement period, and by law, allowed only up to six withdrawals every month. There’s nothing in their website (which is quite bare) guaranteeing till when this high rate will remain. If you pass their membership requirements, and are quite capable of maintaining the MMA account, then you should take advantage of the high rate and apply now. If you plan to apply later, it will be wise for you visit the credit union’s rate page first to be certain that you’re getting the best money market deal.

Eligibility for this account is quite limited. You need to be a member of the Selfreliance Association of American Ukranians to qualify for an account. The full details of this are stated in their About Us page. There is also a $5 membership fee for the Association, and branches are limited again in New York. There are currently three known branches in the Big City in Second Avenue, Uniondale, and Kerhonskon.

Despite its limited scope of beneficiaries, the credit union maintains pretty stable financial ratings. They scored 5 stars in BauerFinancial.com, and the same perfect rating was issued by Bankrate.com. Self Reliance NY FCU is also federally insured, and is a member of the NCUA under NCUA Charter #7217.