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  • Bank Games
    • Bank Game: Financial Football
    • Bank Game: Road Trip to Savings will Make or Break You
    • Jet-Ski Your Debt Away
  • Articles
    • We Are Rich
    • Time or Money
    • 7 Correct Money Principles
    • A Penny Saved Is A penny Earned
    • Slash Spending – Boost Your Money Market Account
    • Save Money on Household Utilities by Going Green
    • Saving Money and Sanity with Realistic Savings Goals
    • Money Resolutions: 3 Steps to Keep Them
    • How to Earn 13 Times the National Average Savings Rate FDIC Insured
    • 3 Easy Rules for Saving Without Budgeting
    • Budget According To Priorities Not Impulses
    • How Market Linked Certificates of Deposits Work
    • 15 Money Saving Tips That Will Beef Up Your Savings Account
    • Simple Steps to Getting a Savings Account
    • Savings Tips for Thriving in the Recession
    • 10 Simple Ways to Save Money Now
    • Real Money Saving Tips- From Real People
    • Just What Is a Savings Account?
    • What is a Rainy Day Savings Account?
    • Money Market Account vs. Savings Account Comparison
    • How to Find and Reduce Hidden Expenses
    • Is Your Bank Doomed to Fail? 5 Ways You Can Protect Your Savings Account
    • Traditional IRAs

Earning Money With A Money Market Account

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Earning Money With A Money Market AccountAre you back and forth on opening a money market account? There are a lot of people that are searching for higher interest rates on their savings accounts but they just do not know where to turn. A money market account is a great option to consider exploring as you can easily earn a higher interest rate from a traditional savings account offered by your local bank.

Money Market Account Definition

So what is the official definition for a money market account? It is an account where you will put away money to be saved and you will earn interest money for doing so. Money market accounts do have limitations from a traditional savings account, but they still earn a higher interest rate.

Save More, Earn More

In order to qualify for the best rates you need to consider how much money you are able to place into the money market account. Some high yield money market account rates are going to be significantly higher but they have deposit requirements. Other accounts will follow the rate set by the Federal Reserve but may include account fees and other things that can reduce your ability to save. What makes money market accounts attractive is that the interest is compounded daily so you will be able to earn more money if you can make several deposits a month and it helps you to reach your investment goals quickly compared to traditional savings accounts.

Opening An Account

Once you compare money market account rates and you have found one that you feel will be able to work well for your needs you can usually open the account online in just a few minutes. Usually banks will ask that you open the account with at least $1 but you could have a larger amount required based on the way the account is set up.

Account Information

Always have a good understanding of the money market account before you open it. You need to make sure you will not have account maintenance fees and other things that come out of nowhere. While money market accounts do provide you with a low risk investment to saving money, they do carry some risk thanks to account fees and balance requirements. Make your decision carefully by comparing rates and finding the best bank for your situation.

Filed Under: Money Market Accounts  Tagged: account fees, best bank, best rates, business money market accounts, compare rates, high yield money market accounts, interest rate, money market account definition, money market account interest rates, money market account rates, money market accounts rates, savings accounts, traditional savings account, what are money market accounts, what is a money market account

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APY

APY or the annual percentage yield is the real rate of return of an investment over a period of a year taking into account the effect of compounding interest.

Compound Interest

Compound interest occurs when the interest earned on an account is credited back to the account and then interest is earned on the new total balance.

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National Average Savings Rate Calculation

The national average calculations were obtained from the Weekly National Rates published by the FDIC.gov website.

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