Rainier Pacific Bank is offering one of the best money market rates with gains of up to 2.75% APY. This is a competitively high yield even for tiered accounts and this MMA is not even running on a tiered APY and interest rate scheme. It has a fixed APY for deposits of all ranges.

Most banks offering this fixed APY would have minimum deposits and maintaining daily balances of about $1500 to $5000. This account, on the other hand, has absolutely no minimum daily balance—that’s one less monthly fee to worry about.

The website doesn’t indicate the account’s initial deposit fee, but you can inquire about this through their Call Center (800) 228-2858 which is open from 7 a.m. to 7 p.m. (during Mondays through Fridays) and 9 a.m. to 3 p.m. Pacific Time (on Saturdays).

Take note, also, that this is an internet-only account, which means that it may not give the same benefits that a branch-based account may offer, i.e. like mailed paper bank statements, passbook, and checking privileges.

Online application is available, and they have downloadable PDF files that detail the terms and conditions of this money market account.

Make sure that you have all personal IDs available for verification. The bank asks for your social security number, a valid email address, and your driver’s license among other applicant details. A scanned document for your driver’s license is probably needed.

From experience, MMA rates change very frequently. This rate is accurate as of February 7, 2009, but it’s best to check again before depositing your money.

This money market account is also regulated by the FDIC so it’s likely that you’ll be limited to six withdrawals in a month. Any withdrawal exceeding that limit will give the bank the right to deduct fees from your funds. If you want more leeway on your withdrawal privileges, a savings account might be the better option for you.

Another downside to this MMA is the bank’s soundness rating. It scores a mere one star (lowest rated) in Bankrate.com and 3 stars (adequate) in BauerFinancial.

However, Rainier Pacific Bank is still insured by FDIC. It’s safe to invest in this institution as long as you stay well within FDIC insurance limits.