Imperial Capital Bank Offers Money Market Account with Money Market Rates of 3% APY
The Imperial Capital Bank invites consumers to take advantage of the best money market rates of their program called iMoney Market Checking Account that yields 3.00% APY for balances through $24999. To open an account the bank requires an initial deposit of $2500.
This account has several tiers. A gain of 3.10% APY is offered for balances of $25K-$49K, 3.40% APY for $50-$99K, and 3.7% APY for balances above $100K.
The rates indicated are effective as of January 5, 2009 so it will be wise to call their representative to inquire about any changes.
The minimum balance required to earn interest is $2500. The bank also imposes service charges if your monthly average balance falls below $5000.
Other perks of opening the MMA with the bank are the waiving of 6 foreign ATM usage on a monthly basis, issuance of Visa Debit Card, and free access to telephone banking any time of the day.
Any interested individual may apply online or via mail. An online form can be downloaded and be sent to the bank.
Imperial Capital Bank has several branches spread across California, Nevada, and Maryland.
The bank is FDIC insured with certificate # 26348. This bank was also hurt during the mortgage meltdown so it will be wise to stay within the limits of the FDIC.
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