Published on May 10th, 2018 | by William Charles64
Unitedbank 2.08% APY Money Market Account Review [CA, CT, GA, ME, MD, MA, NJ, NY, PA, RI, TX, VA, WA]
Update 10/30/18: Rate increased to 2.30%. New link.
Update 08/20: Rate increased to 2.08%.
Update 05/10: Rate increased to 1.95% APY. I’m reposting because you actually need to call in to be able to get this rate if you’re an existing customer. Hat tip to reader Mikey. I wouldn’t recommend this account if you don’t already have it as there are better options out there and the rate is very volatile (as seen below). Although you usually keep the rate you signed up for unless you call in.
Update 04/29: Rate decrease to 1.35% APY
Update: 04/24/18: Rate decrease to 1.65% APY
Update 02/24/18: Rate increase to 1.7% APY
Update 01/23/18: Rate increased to 1.61% APY.
Update: Rate increased to 1.35% (from 1.25) on 10/20/17
Update: Rate decreased to 1.25% APY (from 1.35%) on 02/01/2017.
Note: This rate is not guaranteed at all and according to the comments they have a history of lowering rates quickly.
Offer at a glance
- Interest Rate: 1.95% on balances up to $500,000, balances over $500,000 earn 0.05%
- Minimum Balance: $500 to open, $1 thereafter
- Maximum Balance: $500,000 for 1.3% rate
- Availability: Must live in one of the following states: CA, CT, GA, ME, MD, MA, NJ, NY, PA, RI, TX, VA, WA [Maybe: CA, CT, DE, FL, GA, KS, KY, LA, MA, MD, ME, MO, NC, NE, NH, NJ, NY, OK, PA, RI, SC, TX, UT, VA, WA?]
- Hard/soft pull: Unknown
- Credit card funding: Up To $500
- Monthly fees: $15, waivable
- Insured: FDIC
- Earn a 1.95% APY on balances of up to $500,000 on UnitedBank’s Advantage Money Market account.
This account has a monthly service fee of $15, this is waived if you have a daily minimum balance of $2,500 or more. They also charge a $2 fee if you use an out of network ATM.
I don’t like the fact that there is big $15 monthly fee if you don’t maintain that daily minimum balance of $2,500. That being said, this is one of the highest basic savings account (no requirements for APY) currently available. Interested to know how much can be funded with a credit card and also if it’s a soft/hard pull. Let us know those datapoints in the comments below.