Sovereign Bank with 3.5% APY Money Market Rate
Sovereign Bank consumers may enjoy an attractive money market rate of 3.5% APY for balances of $75000 or more. This is a tiered scheme which gives 3% APY for $25K to below $75K. The interest is compounded and credited every month.
The website states that it takes only $10 to open the account but one must have a balance of $75K to maximize the benefits of the 3.5% APY. It will also be best to call the bank to clarify for the rates applicable to your location.
The MMA does not involve any maintenance fee or imposes any minimum balance requirement. The account also comes with check writing privileges, online banking, ATM card, and free telephone banking.
MMA holders may also avail of consumer loans and take advantage of a 0.25% discount. This applies to newly secured loans and lines of credit and does not apply to mortgages and car loans obtained through a dealer.
Sovereign Bank has over 750 branches spread over the Northeast in Rhode Island, Maryland, Pennsylvania, New York, New Jersey, New Hampshire, Massachusetts, and Connecticut.
The bank is FDIC insured with certificate # 29950.
