Advanta Bank Money Market Account - 4.75%

The Advanta Bank Money Market account yields 4.60% for $1,000, with tiers up to 4.75% for $100K. They require $2500 to open a account and a minimum of $100 to avoid fees. They provide free checks (with the usual limit of 3 per month). They allow ACH transfers out of the account. You need to call customer service on the phone to initiate them.

They have had rates near the top of the pack for the last year. I'm surprised that there aren't any discussions about this MMA. Before I open an account, I'd like to hear from current account holders to hear their experiences with the bank.

One question that I have is when mailed-in checks start earning interest. I called, and the CSRs said that it was starting on the day of deposit. But the web site disclosure says it starts the day the deposit is credited to your account. This is not necessarily the same thing. The disclosure for their low-yielding statement savings account is different. It says that interest begins on the day of deposit. So, I suspect that the MMA is not the same.

bluechalk said:

One question that I have is when mailed-in checks start earning interest. I called, and the CSRs said that it was starting on the day of deposit. But the web site disclosure says it starts the day the deposit is credited to your account. This is not necessarily the same thing. The disclosure for their low-yielding statement savings account is different. It says that interest begins on the day of deposit. So, I suspect that the MMA is not the same.
I do not have an account with them but the statements of "interest begins on the day of deposit" and "starts the day the deposit is credited to your account" would be the same thing when account is opened with a check. Even though there will be a hold on the funds you will start getting interest the day they receive your check. You should also get a day or two of interest from the account your taking from. That is why funding by check is the best way.

Any signup bonus to open an acct.?

I'd definately open if this were the case. Even a small bonus would be enough to entice me.

On these tiered accounts do you receive the highest interest rate on your full deposit (for the tier your deposit qualifies for) or do you receive, for example, 4.40% on the first 50,000 and then 4.90% on the next 50,000 as opposed to 4.90% on the entire amount? This would then be only an actual rate of 4.65% on 100,000.