Taking a look at current money market accounts, it seems as if EverBank is offering the highest interest rate with 4%, but this is where people get tripped up.  EverBank’s offer is 4% on its MMAs for the introductory period, but then only 2% on accounts below $10,000 after that.  Looking for the best money market rates it seems as if the IndyMac at 3.85% is the best for accounts over $10,000, with Corus Bank offering a 3.82% rate for the $10,000 deposit as well.  There is a savings account available at OneUnited Bank for 3.6% with a minimum deposit of $1,000 and the HSBC that we discussed yesterday that is 3.5% with no minimum.

For the week of June 15, 2008 we are seeing HSBC (NYSE: HBC), FNBO Direct offer the strongest savings account offers out there.  Because of its credibility and backing, HSBC may be the choice for many of you.  Both HSBC and FNBO Direct are offering 3.5% APY.  Capital One (NYSE: COF) is also offering 3.5% interest rate for a standard savings account, but you need to invest a minimum of $10,000.

As a reminder some of the reasons you may want to put money into savings accounts include: most institutions are insured against the loss of your money (only tiniest of risk); you earn a rate of return on your money; easy to manage and understand; easy to set-up.