It seems every bank claims to have the best money market accounts. They want your business. So, how do you know you have the best money market account, that will gaining the most interest and make you the most money?
Money Market Accounts
A money market account is very similar to a savings account. Both money market accounts and savings accounts are set up as a way to help you save money. The one big difference is that money market accounts provide easier access to your money by allowing the use of a debit card, linked to your specific account. Don’t be fooled though, the use of a debit card doesn’t mean you can make unlimited withdrawals. Money market accounts usually only offer up to six withdrawals each month. If you withdraw more times than allowed, you will be charged a fee for each extra withdrawal.
When you invest your money in the best money market account, you are allowing the bank to use your money to provide loans to other customers. The best money market accounts should be with a bank that is FDIC insured. Financial advisors agree it is a good idea to have your money invested in FDIC insured accounts. This way you know your money will be protected even if the bank fails.
The best money market accounts give benefits including, waived monthly fees and, as expected, great interest rates. Right now, the current interest rates for the best money market accounts are a little above 1.00 percent. If you aren’t getting at least one percent, your money might not be in the best money market account available.
To make finding the best money market accounts easier, use the money market rates chart to see the top money market accounts available today.