4.10% Money Market Account for 6 Months at a Florida Bank (BBU) read and submit comments for this post

BBU Bank is offering a money market account promotoion with a 4.10% APY on balances of at least $25,000. The rate is guaranteed for the first 6 months. There is no maximum balance. This promotion doesn't seem to be listed at the bank's website. A reader emailed me news of this, and I called this afternoon for more details. According to the CSR, it does not require a checking account. The current yield for balances under $25K is 1.3%. A minimum balance of $2,500 is required to avoid a monthly fee. Like typical money market accounts, it has limited check writing of up to 3 checks per month. The CSR expected the promotion to continue for at least 2 weeks, but there's no guarantee.

A branch visit is required to open a new account. The bank just has one office located in Coral Gables, Florida which is in the suburbs of Miami. It's a new bank that was just established in 2006 (FDIC Certificate # 57815). It has a 4-star rating (excellent) at BauerFinancial and a 3-star rating (performing) at Bankrate.com. Both are based on 3/31/08 data.

Thanks to the reader who emailed me news of this promotion.