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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

What You Need To Learn From Money Market Account Rates

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What You Need To Learn From Money Market Account RatesMoney market account rates are controlled by the Federal Reserve, which means the rates are subject to change often. Using a money market interest rate calculator you can find out which banks are offering the best rates along with understanding which banks have lower fees on the account. Money market accounts give you a great opportunity to save your money as they are able to provide you with a higher interest rate than what you will get on a traditional savings account along with many other investment options.

Money Market Account

A money market account has a minimum balance requirement along with some withdrawal limitations on the account as well. The goal is to have you keep your money in the account instead of making multiple withdrawals and other things in order to have the investment grow. Check on the balance requirements for the money market account and calculate in the interest rate to be sure you are getting the best rates. Compare money market account interest rates with several banks in order to get the best return for your investment.

Chasing Rates?

There are a lot of investors that will go around chasing interest rates to try and find the bank with the highest rate. While it is smart to compare rates, getting the highest rate may not always be the best option. Using money market account rates comparison tools you can not only compare rates but you will also be able to find out about the account fees, account restrictions and to check on the FDIC security of the account as well.

Deposit Amount

The higher the money market savings account rates, the higher the deposit requirement. You usually need to be willing to invest a large amount of cash in order to get the best rates. Keep in mind that higher rates could also indicate that the bank may not be insured by the FDIC, leaving you with a risky investment. The rates fluctuate but across the board it seems that most money market accounts will ask for at least $1500 to get an interest rate of 1% or more.

Money market account rates do change often so it helps to check on the closing fee for the account in the event that you decide to move to a new bank. Learn about the reputation of the bank as well to know that you are investing your money with a secure company.

Filed Under: Money Market Accounts  Tagged: best rates, compare rates, interest rate, money market account, money market account interest rates, money market account rates, money market account rates comparison, money market accounts best rates, money market accounts rate, money market accounts rates, money market savings account rates, savings account

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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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