Best Money Market Rates at RatesTracker™

GMAC Bank is offering a high 5.30% APY on their money market account for balances over $500. Balances under $500 yield 5.19% APY. $50 is required to open the account, and you must maintain an average daily balance of $500 to avoid monthly service fees. Interest is compounded daily, and rates are variable.

Here are some additional features of the GMAC money market savings account:

• Limited check writing - first 50 checks are free.
• ATM card - First 4 fees per statement cycle up to a total of $6, will be refunded by GMAC Bank
• ACH transfer system
• No hard credit pull in application

Money Market accounts (MMA) are a great way to earn a high return on your deposits while maintaining a degree of liquidity, unlike CDs.

For more information, visit their website at www.GMACBank.com, email GMAC bank customer support at customercare@gmacbank.com, or call their customer service hotline at 1-866-2GMBANK.

Wachovia is offering a high money market rate: 4.75% APY for new customers of their High Performance Money Market account. The minimum balance required for this rate is $25,000. This promotion ends on July 3rd. However, if you’re looking for CD or savings rates look elsewhere, as their online savings rates and CD rates aren’t that high.
In addition to their money market promotion, Wachovia Bank is offering a $75 and $50 bonus if you open a free checking account with direct deposit:

Open your Free Checking account in California and deposit a minimum of $500 by June 24, 2007 and receive a $75 bonus. Then receive a $50 bonus when you set up Direct Deposit within 90 days. With Free Checking from Wachovia, there are no monthly service fees, and no minimum balance or direct deposit requirements.

Unfortunately, the $125 promotion is only available to residents of California (CA).

Wachovia Bank is FDIC insured up to $100,000, and has a 4 star (out of 5) rating on BankRate.com.

ZionsBank.com is offering a high 5.36% APY rate on their money market account for deposits over $50,000. It’s called the “Deseret Money Market Account” and is available through their website at deseret.zionsbank.com and deseretfinancial.zionsbank.com. I’m not sure exactly why it’s called “deseret;” I’m sure many people have mispelled it “desert” or “desecret.” Bad marketing, perhaps? In any case, here are some of the features of this money market account:

• 5.36% APY on balances over $50k
• 5.30% APY on balances between $1k and $50k
• No monthly fees
• Minimum opening deposit is $1k
• Check writing available, with the first 10 checks free
• Wire transfers fees: $15 for outgoing, $10 for incoming
• Comes with ATM card, but no debit card.
• No hard credit inquiries
• Not available to Utah residents

ZionsBank is FDIC insured, and has 152 branches in Utah and Idaho. Bankrate.com gives Zions Bank a 4/5 star rating.