Silvergate Bank Offers Competitive Tiered Money Market with Gains of as much as 3.04% APY
The Silvergate Bank offers tier structured money market accounts that earns as high as 3.04% APY on deposits starting at $50000. They also have a competitive 2.68% APY for a minimum deposit $10K. An account with at least $2500 gains 2.00% APY. These money market rates can be enjoyed for a minimum initial deposit of $1000.
The rates are accurate as of 28 January 2009. The promo page explains that their MMAs are variable accounts and may change rates frequently, even on a daily basis.
The money market account comes with free online banking, online bills payment, and direct deposit availability.
It requires a minimum daily balance of $1000 so the account holder can waive the monthly fee. If the balance falls below this limit, the bank will collect a $15 monthly charge.
It seems that a bank visit is necessary to open an account. The Silvergate Bank is has its corporate office in La Jolla, California. They have branches spread across California particularly in La Jolla, La Mesa, Lancaster and Riverside.
The Silvergate Bank has decent ratings based on the June 2008 data of BauerFinancial and Bankrate.com. BauerFinancial issued a 3 star review while bankrate.com gave a 4 star rating.
Silvergate Bank is insured with the FDIC with certificate # 27330.
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