With the economy in distress, is there such a thing as the best money market account? The real question might be if there is extra money available for investing. If that answer is yes, then rest assured, you can easily find the best money market account to fit your needs.
Money Market Accounts
Simply put, money markets are a form of a savings account. Both are designed to help you save money and possibly gain some interest as well. Money markets are different than savings accounts in that you can make withdrawals from the account by using an ATM/Debit card, that is linked directly to the account. Be aware though, money market savings accounts don’t offer the same freedoms to withdraw as a checking account does. Even the best money market accounts usually only allow up to six withdrawals each month. If you withdraw more than that, you will be charged a fee for each extra withdrawal. Money market accounts are savings accounts, and the best money market account is the one that offers you the highest interest rate on your money and helps you save the most money possible.
With so many banks to choose from, the best money market savings account can seem unreachable. When deciding which one to choose, be sure to choose one that: is an FDIC insured account, offers no monthly fees, or at least provides ways to waive the fees, and has an interest rate over 1.00 percent. The interest rates of money market accounts can change unexpectedly, so stay up to date with the best money market savings account rates through the money market rate chart.
If you have extra money shoved in your sock drawers, put it into the best money market account for you and start gaining interest on it, instead of just lint!