Ranking the Top Money Market CDs
Deposit Accounts ranked the top CD rates in its "Survey of the Best CD Rates" for the week ended June 8, 2014. EverBank (1.40% intro 6-month rate) had the best Under 1-Year CD Rate, followed by Connexus Credit Union (1% 6-month CD), Doral Direct (0.91% 9-month CD), Doral Direct (0.87% 6-month CD), and Ally Bank (0.87% 11-month rate). Top 1-year CD rates are Melrose Credit Union (1.15%), Synchrony Bank (1.15%), Synchrony (1.10% 25K minimum), GE Capital Bank (1.10%), EverBank (1.10%), and Connexus Credit Union (1.10%). For more rates and rankings, go to Depositaccounts.com. The author notes that GE Capital Retail Bank has changed its name to Synchrony Bank. The name change took effect on June 2. (See the story here.) Also, Creditnet.com ranked "The Best Money Market Accounts of 2014." Says the press release, "To create their ranking of the best money market accounts, Creditnet experts weighed many factors including APYs, intro rates, minimum deposits, fees, customer reviews, and expert opinions." According to their findings, the three best money market accounts for consumers today are GE Capital Bank (0.90% APY), Ally Bank (0.87% APY), and EverBank (0.86 APY). In the latest issue of Money Fund Intelligence, our Crane Bank Index lists GE Capital Bank as the top bank savings rate at the end of May with a rate of 0.95%. All Bank is next at 0.97% followed by American Express at 0.80%.
