Interest rates are low compared to other programs. Customers receive by mail monthly or quarterly statements detailing deposits, withdrawals and other account information. Low or no minimum balance required. Accounts often offer ATM cards, making after-hours banking possible. Customer must do some record keeping to know current balance.
Interest rates are only slightly better than passbook accounts.
Tiered MMAs provide higher interest earnings at higher levels of deposit. Requires higher initial deposits and minimum balances to avoid fees. Interest rate is locked. Substantial penalty if cashed in prematurely. U.S. Highway 1, North Palm Beach, Fl.