Want to know the highest money market rate? It’s ableBanking, at 1.02% yield. There is a 1 dollar minimum balance.
This is everything that you need to know, but that doesn’t mean that it’s everything I can tell you! Far from it. Let me tell you a little more about ableBanking.
It’s a division of NorthEast bank, a Maine-based bank that was founded way back in 1872. NorthEast bank boasts some 200 employees but, based on counting people in ableBanking’s public photo, ableBaking is run by about 9 people.
How can you run a bank on only 9 people? Hey, that brings me to my next point: ableBanking is one of these new, tech-forward banking companies, like ally. They’re able to offer high-yields relative to everyone else by running very lean operations. ableBanking has no traditional, brick-and-mortar, out-there-in-real-and-not-cyberspace branches.
Another way that they’re able to offer this sort of yield, at least if you can believe their published propaganda, I mean, informational materials, is that “Customers would be happier if we spent more money on them and their communities than on costly advertising.”
This is 100% true. Customers of every business would be happier if more money was spent on them and less on advertising. But every business owner everywhere would prefer spending less on both customers and advertising, ceteris paribus.
But acquiring new customers is the lifeblood of a company. Otherwise, no revenue, no salary, no employees, no services, no company. And how do you acquire these new customers? With advertising.
But I’m getting off-topic. My main point: highest money market rate is ableBanking, at 1.02% yield. There’s a 1 dollar minimum balance.