The rates on IBERIABANKâ€™s SelectPlus Money Market account are nothing to write home about. Theyâ€™re beat by the competition, and come with high minimum balance requirements relative to the APY.
If your balance falls below $5,000, you will be subject to a monthly maintenance fee. Money market accounts are technically savings accounts, and therefore also fall under Regulation D. Unlike IBERIABANKâ€™s savings account, you are not limited to four withdrawals per month; you get the full six. However, if you go over six withdrawals, you will be charged a $15 fee for each incident.
You can open this account online, over the phone or in person with your state-issued ID, Social Security number, funding information including bank account and routing numbers and your last address if you have moved within the past two years.