A while back I reported that my credit union had a new money market checking account option, with far fewer restrictions than the traditional money market (number of checks per month, minimum amount per check), though a higher minimum balance ($5000 vs $2000) and a penalty for going below that balance. The initial yield for the new option was about twice that of the traditional money market, and a lot higher than CDs shorter than 4 years.I hesitated, because I didn't believe the high yields were more than a loss leader to attract people t the new option. Just checked and the new option's yields have suddenly descended to reality: just slightly higher, with the $5000 minimum, than the traditional MM with $2000 balance, and less than the traditional MM with $10,000 balance.
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