Best Online Savings, CDs, and Money Market Rates

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    • Traditional IRAs
  • Home
  • Savings
  • CD Rates
  • 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

Money Markets

Banks and credit unions offer accounts called money markets as another way to help you save your money and gain interest on that money.  Money Money Marketsmarkets are similar to savings accounts, but they provide an easier way to access your money through check writing and debit cards.

Money Market Accounts

When you put your money into money markets, you are allowing the bank to use your money for loans such as cars, homes or small businesses.  Banks and credit unions are able to use your money for these loans because money markets are FDIC insured.  This means, the only way you lose your money is if the bank and the government both fail.  Financial advisors advocate having part of your money in an FDIC insured account as a good way to protect your money from the ups and downs of the economy.

Savings accounts tend to have a lower opening deposit and a lower minimum balance than money markets, but money markets tend to offer higher interest rates on your money.  There are some money markets that have no minimum deposit or balance.  Both savings accounts and money market accounts have regulations that limit the number of withdrawals to six per month except for ATM withdrawals which are unlimited. Stay within those requirements, or you will be charged a fee for each withdrawal over the allowed amount.  Even though check writing and debit cards are available for money market accounts, you don’t have the same unlimited transaction freedom offered through checking accounts, so be smart about how often you withdraw money.

Money market accounts are a great way to keep your money safe.  Having restrictions on the number of withdrawals is one way to make sure you leave your money where is should be; in the money markets, gaining interest.

For an up-to-date list of the Highest Money Markets, Click Here

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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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