Banks and finances seem to consistently be one of the top stories in the news, and the headlines usually aren’t good. With so much negative news swaying our thinking, it can be hard work finding the diamond in the rough, the highest money market account interest rates. Like it or not, we all need banks and the services they offer, and working to find the best money market accounts rates can make your banking experience good news, not bad.
What is a Money Market Account
A money market account is set up similarly to a savings account. Most banks offer a money market account to help you save money, but the money market account rates tend to be slightly higher than savings accounts. A money market account allows you to write checks and use a debit card, like a checking account, but you are limited to only making six withdrawals each month. This is because a money market account is set up to help you save money and the limited withdrawals is one way to help you leave your money in the account. But, unlike a CD that penalizes you for withdrawing your money before the maturity date, the fees for money market account withdrawals only come if you make more than the allotted amount per month. A money market account is the best place to put money you don’t necessarily need right now, but money that you could withdraw and use if an emergency were to come up.
Finding the Best Money Market Rates
Through online technology, you can now do your banking with any bank across America, without leaving your home. This means, you can be sure that you are getting the best money market accounts to invest your money in because there are so many banks to choose from. Finding the money market accounts best rates can seem overwhelming, if you don’t have the right tool to help you on your quest. The money market comparison chart is the easiest way to see what the best rates are on the exact day you are looking. This chart shows the top money market accounts rates in the nation. You can sort the different accounts by APY, so you can see the top money market savings account rates to ensure you are getting the maximum amount you can off the interest rates offered.
With so many different accounts, you should be able to find one that doesn’t charge you any monthly fees. If an account does charge a fee, the bank should offer a way to waive the fee. For example, most banks that do have fees for their money market accounts allow the fee to be waived if you keep a continual daily balance over the amount required. This means you won’t have to pay back the bank the money you make in interest through their account fees.
When you find the money market accounts best rates, be sure the bank is FDIC insured. Financial advisors agree that part, if not all of your money should be invested in an FDIC insured account. This means the money you invest will be protected, up to the legal limit of $250,000.
Why Invest in a Money Market Account
Money market accounts are one way to help you save even more of your own money. Take the time to make a money market account rates comparison to help you find the best account to invest your money. Enjoy watching your savings account grow and and enjoy the feeling of good financial news for once.