UFB Direct, an online banking division of BofI Federal Bank, raised the interest rate on its money market account from 1.25% APY to 1.30% APY. Now, UFB Direct’s money market account holds the top rate among online banks.
However, the account does require a $5,000 minimum balance to avoid a $10 monthly fee. (The minimum opening deposit is also $5,000.)
The account also comes with free check-writing, remote deposit by scanner or mobile app and bill pay.
TIAA Direct also had a competitive money market a rate at 1.25% APY but the online bank has stopped accepting new customers, temporarily.
Currently, EverBank holds the second most attractive rate at 1.01% APY (a promotional rate for the first year).