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Rates and Account Review
Page Updated: June 19, 2008
The Deseret Money Market Account from Zions Bank succumbed to the flood of rate cuts that occurred from September to December 2007, but you wouldn't know it from looking at the account's current yield. The Deseret Money Market Account still offers one of the highest yields available online despite six rate cuts since October 2007. That's because before the rate cuts began, the Deseret Money Market Account paid up to 5.56% annual percentage yield.
| | Balance | APY | Rate | $0 - $2,499 | 0.00% | 0.00% | $2,500 - $49,999 | 3.53% | 3.47% | $50,000 - $99,999 | 3.53% | 3.47% | $100,000+ | 3.53% | 3.47% |
| www.zionsbank.com
(800) 974-8800
>> Reader Reviews |
Minimum Deposit
$2,500 | Monthly Fee
None | Minimum Balance
$1 | Compounding
Daily |
It used to take a lot of money to earn the best yields on the Deseret Money Market Account. The account is tiered, so balances above $50,000 used to earn the highest rate. But as of June 2008, the tiers flattened and all balances above $2,500 earn the same great rate.
Balances under $2,500 do not earn interest.
As a further plus, this account is a money market account so it comes with check writing privileges. Account holders can write up to three checks per statement cycle.
There are some negatives that you should be aware of. Thanks to ING DIRECT, when we think of high-yield savings accounts, we assume that the account comes with the capability to link the savings account to any of our other accounts at another bank. Not so with the Deseret Money Market Account. Account linking is not available here. You will need to push or pull funds using one of your other accounts that have that feature.
A minimum deposit of $2,500 is needed to open the Deseret Money Market Account. The account does not have a minimum balance requirement or monthly fee.
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