United Central Bank offers a very competitive money market account in several states with a top money market rate of 2.50% APY. This best money market rate is only given to jumbo deposits with at least $1 million balance. The current interest rates for the different deposit tiers are as follows:

$5,000 to $74,999.99 1.45% APY
$75,000 to $149,999.99 1.65% APY
$150,000 to $299,999.99 1.75% APY
$300,000 to $499,999.99 1.90% APY
$1 million and more 2.50% APY

This money in the bank deal is called Global Money Market which requires at least $100 for its initial funding. Account holders may need to maintain a balance of $5,000 to avoid a $10 monthly service charge.

Aside from the good money market interest rates, the account also comes with free internet banking, free online banking, free notary service, and check imaging which comes with your monthly account statement. You will also be issued a Visa debit card.

If you will link the account with a checking account with the bank, there will be no monthly fees. As guided by law, withdrawals are also limited to six per month of which not more than three can be check.

The fees involved for the money market account are not detailed on the website. You may contact the bank’s customer service line through 800-787-0755. Please also check on the latest interest rates since the bank may change the yields any time without notice.

United Central Bank has several branches serving the states of Texas, California, Virginia, Maryland, and Georgia. They also have offices in New Jersey, New York, and Chicago which are branches taken over from Mutual Bank which closed last July.

Bankrate.com issued 3 stars while BauerFinancial gave it 3 ½ stars when they reviewed the banks soundness and safety using their June 2009 financial information. The bank is covered by the FDIC with certificate number 25330.