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  • Home
  • Savings
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  • Mortgages
  • 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

How Can I Find High Interest Money Market Accounts

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How Can I Find High Interest Money Market AccountsIn order to find high interest money market accounts you need to use online comparison tools and other things that help you to see the account fees, interest rates, and flexibility. Many people choose to invest their money into money market accounts because they do come with a higher interest rate compared to traditional savings accounts and many other investments. You need to do your research when you are comparing rates in order to find the best high interest money market accounts for your investment situation.

Interest Rates

The money market account interest rates often change on a daily basis. You need to watch the rates and compare them often to find which banks will be able to provide you with the best level of consistency and also to check on their account fees and customer service. The Federal Reserve sets the interest rate on money market accounts so most banks offer a number that is pretty similar but there are a few that may offer a higher rate. ING Direct is one of many banks that provides a higher interest rate on their money market accounts, savings accounts, and other investments because they operate completely online. The lack of several branch locations helps them to maintain a lower cost, giving them a chance to send more money toward their customers.

Account Restrictions

As you are looking at online money market accounts you do need to consider some of the account restrictions. Usually when you transfer money from your savings account it can take up to 5 business days for the money to clear your bank. This may make it difficult for you to withdrawal your money if you need it that day. Some money market accounts do provide you with check writing privileges so you can pull out the money as you need it but there could be a fee if your balance falls below a certain requirement.

Bank Features

When you are dealing with online money market accounts you do need to be aware of the lack of customer service you will have. Most of the account handling will be on your shoulders as you do not drive to a physical bank to talk to a teller about your account. You need to make sure you are comfortable dealing with this different type of banking before you start shopping around for high interest money market accounts.

Filed Under: Money Market Accounts  Tagged: best interest rates on money market accounts, high interest checking accounts, highest interest money market accounts, ING Direct, interest rates, money market account interest rates, money market account rates, online money market accounts

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Advertiser Disclosure: Many of the deposit account listings appearing on this site are from advertisers from which this website receives compensation for being listed here. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). These offers do not represent all deposit accounts available. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit Union deposits are insured by the National Credit Union Administration. Many banks and credit unions show different rates on their own websites. Identify yourself as a Bankrate consumer to get the rates displayed in the listings above. If you are dissatisfied by the institution you choose or believe you have received an inaccurate quote, please let us know.

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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.

Depositor Insurance

All banks and credit unions listed or reviewed on this site are either FDIC insured or for credit unions NCUA insured. Currently FDIC and NCUA insurance provide insurance up to $250,000 per depositor per institution.

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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