United Central Bank invites consumers to take advantage of their very competitive money market rates starting at 1.95% APY. The Global Money Market deal can be opened with a minimum deposit of $100.

You can enjoy the rates and avoid a monthly service charge of $10 if you stay above the set minimum balance of $5000. The interest rates for the other tiers are the following:

$5K – $75K 1.95%
$75K – $150K 2.15%
$150K – $300K 2.15%
$300K – $500K 2.25%
$500K – $$1 M 2.40%
$1 million or more 3.00%

Aside from the monthly fee there are other factors which may affect the earnings of your deposit. It will be best to read the fine prints of the deal or call their customer service line to ask for the details.

Interested individuals from any state can make use of the online application which is now available through their website. If you are not comfortable with doing it all online, you can drop by one of their branches in the Texas, Virginia, California, Maryland, and Georgia. They also have offices in Dallas, Houston, Austin, and Los Angeles.

It will be a good safe measure if you ask for the factors that can affect your earnings. The website does not really summarize the fees which may be involved with this money in the bank deal.

The number of transactions per month is also limited following the ceiling set by federal guidelines. Again, fees will definitely apply when you go over the limit.

United Central Bank gets good review from both BauerFinancial and Bankrate.com which gave 3.5 stars and 3 stars, respectively. This was based on their March 2009 data.

The bank is insured with the FDIC with certificate number 25330.