Money Market Accounts at Community Banks

Personal Finance

Money market accounts tend to get labeled as savings accounts, but really, money market is its own kind of animal. It’s not quite checking, and it’s not quite savings. Instead, you get the best of both worlds: the interest rate of a savings account (only better), and limited check writing abilities. Money market accounts are a great option if you maintain a large savings balance, but you’d like a higher interest rate and more access to your funds. We recommend trying a money market account at a community bank because they have smaller service bases, and sometimes offer better interest rates than bigger banks.

Earn More, Save More

Money market accounts tend to come with balance requirements in order to earn interest and avoid service charges. They also are restricted to offering 6 withdrawals per month by federal law, and exceeding that limit can incur fees. But it is their flexibility and high interest rates that make them so popular. If you can comfortably maintain a large balance in your account, check out one of these money market accounts at a community bank near you.

Personal Money Market – Cadence Bank (Houston, TX)

Cadence Bank’s Personal Money Market account offers tiered interest on all balances. You can avoid the $8 monthly service charge with a minimum daily balance of $1,000. You also get free online and mobile banking. Cadence Bank has branches in Alabama, Florida, Mississippi, Georgia, Tennessee and Texas.

Money Markets – HomeTrust Banking Partnership (Asheville, NC)

HomeTrust Banking Partnership offers two money market accounts. Both accounts provide unlimited in-person withdrawals and free checks. The Money Market Account requires a $1,000 minimum daily balance to earn premium interest rates. The Gold Money Market Account is for higher balances, and requires a $2,500 minimum deposit to open. HomeTrust Banking Partnership has 22 branches in North Carolina.

Money Market One – PeoplesBank (Holyoke, MA)

Money Market One at PeoplesBank has no monthly maintenance charge. You earn a competitive interest rate on balances over $10 and receive free online banking. PeoplesBank has branches in 13 Massachusetts cities.

Money Market Account – Maspeth Federal Savings (Maspeth, NY)

The Money Market Account at Maspeth Federal Savings offers premium interest for balances of $2,500 or more. You can avoid a $5 monthly fee with a minimum daily balance of $1,000 or more. Maspeth Federal Savings has branches in Maspeth, Rego Park, Forest Hills, Ridgewood, Fresh Meadows and New Hyde Park, New York.

Sunflower Bank Money Market – Sunflower Bank (Salina, KS)

You can make the most of your money with the Sunflower Bank Money Market account. You can avoid the monthly maintenance fee with a minimum daily balance of $1,000. And tiered interest means you’ll earn more as your balance grows. Sunflower Bank has branches in Colorado, Kansas and Missouri.

Money Market – AloStar Bank of Commerce (Birmingham, AL)

Money Market at AloStar Bank of Commerce combines flexibility and a great interest rate to create an all-around great deal. You can avoid the $10 monthly service charge with a $1,000 minimum daily balance. Extras include free online banking and a free first order of checks. AloStar Bank of Commerce is located in Birmingham, Alabama.

Money Market Accounts – Seacoast Commerce Bank (San Diego, CA)

Seacoast Commerce Bank offers two money market options, depending on your balance. The Basic Money Market Account requires a minimum daily balance of $2,500 to avoid a $12 service charge, and you get competitive interest. The Investors Money Market Account requires a minimum daily balance of $25,000 to avoid a $25 service charge, and you get a higher interest rate. Seacoast Commerce Bank has branches in Glendale, Newport Beach, Chula Vista and San Diego, California, and Phoenix, Arizona.

Premier Money Market – Mutual of Omaha Bank (Omaha, NE)

Premier Money Market at Mutual of Omaha Bank offers tiered interest at competitive rates to help increase your savings. You also get free online banking and bill pay. Mutual of Omaha also has an online money market account, which you can open with a $5,000 minimum deposit. It is available in all 50 states, earns excellent interest and offers access to a national network of free ATMs. You can avoid a $10 monthly maintenance fee with an average collected balance of $5,000. Mutual of Omaha Bank has branches in Colorado, Arizona, California, Florida, Hawaii, Iowa, Kansas, Missouri, Nebraska, Nevada and Texas.

Money Market Account – Landmark Bank (Columbia, MO)

The Money Market Account at Landmark Bank earns interest on balances of $1,000 or more. You can avoid the monthly service charge by maintaining a minimum daily balance of $1,000. Landmark’s Money Market Investing Account requires a minimum daily balance of $2,500 to avoid a monthly service charge. Landmark Bank has branches in Missouri, Oklahoma and Texas.

Money Market Accounts – Canandaigua National Bank and Trust (Canandaigua, NY)

At Canandaigua National Bank and Trust, you have several money market options. The Optimum Money Market Account is for Optimum Checking account holders and earns premium interest on balances of $2,500 or more. The Advantage Money Market Account requires an Advantage Checking account and earns premium interest on balances of $1,000 or more. Finally, the Insured Money Market Account is the standard money market, and requires a minimum daily balance of $1,000 to earn interest and avoid a monthly service charge. Canandaigua National Bank and Trust has branches in 13 New York cities.