Your missing something
 

Having worked in the banking industry for over 30yr, No banks can’t and don’t just arbitrarily, lower, or raise your interest rate. One of a few things could’ve happened number one you had an introductory rate that’s time expired number two you withdrew money lowering the balance and not qualifying for the higher interest rate in three there was a term and time limit on the rate you were getting and you missed the renewal or the opportunity expired. Either way, it’s not the banks fault.

Money Markets are not FDIC insured

Consider Charles Schwab. Office in Lake Sumter. Schwab is a bank & brokerage company all blended in one stop. Free banking, free ATM (any atm), no fee stock trading.

Good advice here but I would spread the wealth.

Note that the UFB Direct rate of 5.25 percent is the APY. The actual interest rate is 5.12 percent. The account also has the following disclaimer:

"The Annual Percentage Yield (APY) is accurate as of 04/09/2024. The interest rate and corresponding APY for savings is variable and is set at our discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings."

By contrast, the rates advertised for Vanguard and Fidelity money market accounts are current 7-day yields after fees are calculated. Their rates are based on the market conditions for the securities and not at the discretion of Vanguard and Fidelity.

Yeah but how about Federal Money Markets??

You really need to read the prospectus of a money market fund. The Vanguard Cash Reserves Federal Money Market fund is extremely safe because most of the securities are either U.S. Government securities or securities that are collateralized by U.S. Government securities. They are also very short term securities, which increases the overall safety of the fund. So, most of the assets are backed by the U.S. Government.

But, this is not the same as FDIC insurance, which is used to insure bank securities. But, you can buy FDIC insured bank CDs from Vanguard or Fidelity. They are called brokered CDs. Some are new issues and some are after market issues.

Bank
 

Marcus by Goldman Sachs

5.05,% APY Platinum Savings Account CIT Bank (FDIC insured $250k single, $500k couples). All banking is on line. I use local bank for checking, but most local bank savings account rates are laughable.

Easy to on Treasury Direct

AGREE. Had this account for over a year!!!

Same boat
 

[QUOTE=Ellen2;2319852]I have had a sizable money market account with Truist Bank. Without notice, they suddenly dropped my interest rate from 3.05% to .01%. Needless to say, I am looking for another bank. Does anyone know of a local, brick and mortar bank/credit union, that is offering decent rate
I was in the same situation. I called and they told me what would happen if I did nothing. But they could renew me in another account at good rate.
My point being if they want to keep their customers they should automatically renew to their best rate.

American Express Bank currently paying 4.30%. Easy open, easy transfers. FDIC insured. I think online can pay more as they have less overhead.

Fidelity Pays 5.15%
 

5.15% Fidelity is and has been for some time paying over 5% on their money market fund. Believe it’s FDZXX but check it out by calling them. I think there is a minimum but you said “sizable”. Why anyone would deal with a brick and mortar bank today?? They do have local offices if you want face to face plus bill pay etc.

I think you mean FZDXX.