PROVIDENCE – Santander Bank and Bank of America were named two of the best “Money Market Accounts” of 2016, according to NerdWallet.
The consumer finance website examined more than 50 financial institutions, including the largest U.S. banks based on assets, debit card volume and Internet search traffic, along with the nation’s largest credit unions with broad-based membership requirements, according to the group. The best money market accounts at brick-and-mortar banks included Santander and Bank of America.
For Santander, NerdWallet lauded its money market savings account beginning at 0.3 annual percentage yield and only needing $25 to open an account. But warned against the high-minimum balance, which must be at least $10,000 in order to avoid a $10 monthly fee and to get a rate as high as 0.9 percent. (Although, you can avoid the monthly fee if you also have a Santander checking account.)
“Santander is especially good for those who like to bank on the go,” NerdWallet adds. “Its Apple and Android mobile apps receive constantly high reviews.”
For Bank of America, it’s all about size. Like Santander, an account can be opened with $25 and its initial APYs are at about 0.03 percent. Additional accounts with Bank of America will allow customers to take advantage of a “slightly higher yield.” The bank also has about 5,000 locations throughout the country, according to the company.
“As a respected source of consumer finance information, NerdWallet knows that people want to maximize their returns while being able to access funds easily,” said Michael Cleary, Santander’s head of consumer and business banking, in a statement. “Santander’s FDIC-insured money market savings account is a standout because our customers’ balances grow faster than in traditional savings accounts while giving them that access through checks, online banking or mobile. We design our products so they reflect how people like to bank. NerdWallet’s recognition tells us that we’re getting it right.”
The full report can be found here.
