New Century Bank headquartered in Pennsylvania has an attractive promotional money market rate with a top interest rate of 1.60% APY for balances of $1,000 and above.

The minimum amount to open this money market account is just $50. Account holders may opt to stay on the $1,000 line to avoid a $5 monthly service charge. The $50 to $999 tier has a current interest rate of 0.50% APY.

The bank also has regular money market offerings but the money market rates which is at 1.10% APY at best. The current money market yields for these regular MMAs are not very attractive for a long term savings.

The interest rates that we have here are current as of December 1 but they may be changed any time. Please check the bank’s website for the latest numbers. You may also want to inquire about any fees which may affect your deposit’s earnings.

It seems you need to visit a branch to open an account. The bank has branches located in the Philadelphia suburbs of Newtown Square, Wayne, Malvern, and Phoenixville.

The financial ratings of the bank are a bit weak. BauerFinancial says it is performing adequately with their verdict of 3 stars. Bankrate.com’s evaluation finds the bank below its peer group in terms of performance stamped with 2 stars. These ratings were based on their June 2009 collected data.

New Century Bank is insured with the FDIC through certificate number 34444.