California Bank Offering Online Money Market with 3.75% APY

Hanmi Bank, a California bank with branches in Los Angeles, San Diego, San Francisco, and Silicon Valley, is offering a 3.75% APY on their Worry Free Money Market Account for customer who also open a checking account with Hanmi Bank. The minimum deposit is $10,000 which is also the average monthly balance with must be maintained to avoid a $25 monthly service charge. A nice feature of the money market account is that Hanmi Bank guarantees that the yield will not fall below 3.05% in the year the account is opened. The account can be opened locally or via mail by contacting Hanmi Bank and following their sign-up procedures.

Bank money market rates in general have been steady through the the turmoil in the financial markets in the last few weeks. Financial experts are expecting the rates on bank money market account to continue to compare favorably to mutual fund money market rates which are subject to the lower yields on short-term US Treasuries. The highest rates on bank money market accounts are listed at Money-Rates.com.