If you want a yield that’s competitive to most long term CD rates, a checking account feature, and a free use of the ATM, then the account you’re looking for is none other than the Mega Money Market account offered by AmericaNet Bank . This account earns a generous 2.00% APY. The most attractive feature of this account is that it has no minimum balance.

In other words, your funds will still earn interest even if they don’t reach $1,000. This is contrary to other money market accounts offered today. The only clincher, probably, is that the maximum balance which can earn 2.00% in this account is $35,000. For balances beyond that, the rate falls to 1.00%. Comparatively speaking, though, this is still very attractive. Most fallback money market rates are 0.50% or lower.

Another standard and federal limitation is the number of third party withdrawals you make each month. You’re only allowed six free withdrawals a month. Every item beyond that, according to the website, will be charged $5. Again, it’s inconvenient for account holders, but the fee is average. It’s about the same transaction fee any other bank would charge its clients.

The bank definitely makes application easy for people who want to take advantage of their money market rates. They’ve provided a link on the account’s page so that interested depositors may open an account without having to fax or email documents to the bank. Of course, you will want to check the bank’s rate table first before opening the MMA. These rates tend to change a lot, sometimes in a matter of a few days. The top rate today can fall by half the next, so it always pays to be extra careful.

AmericaNet Bank is based in Oklahoma (with only a PO box to mark their location). The good thing about it is that you know their high yield accounts are available nationwide. The only disadvantage is that you don’t really have a physical address to send your complaints to if anything goes wrong. No matter, the bank’s customer service officials are easy to contact. Just dial 1.888.210.2028 or fax 1.888.210.2027 if you have any inquiries.

The bank is open to receive your calls anytime between 8:00 AM to 6:00 PM CST, from Mondays through Fridays. It is a subsidiary of All America Bank which has been around since 1969. The bank’s ratings for soundness and safety are above average, earning four stars from BauerFinancial.com and three from Bankrate.com.

AmericaNet Bank and All America Bank are members of the FDIC. To check their insurance details, see FDIC Certificate #20093.