Best Money Market Accounts

Earn higher interest for your savings with a Money Market Account

If you are considering earning some interest out from your savings, a Money Market Account may be a good solution for you. This type of account is similar to a savings accounts with some checking account benefits, like money withdrawal, and usually offer similar or slightly higher interest rates than other savings accounts.


What is a Money Market Account?

A Money Market Account, also known as MMA or Money Market Deposit Account or MMDA is a mix between a savings and a deposit account. While you can withdraw money out from the account same as with a checking account, you can also earn interest out from the money you keep in the account same as a savings account. Some banks will require you to hold a minimum balance for this type of account and they usually offer slightly higher interest rates (or very similar) to regular savings accounts.

What Do You Need to Open a Money Market Account?

Once you have compared the different banks offering Money Market Accounts and identified the best one for you, then you can proceed to open the account. You will need the minimum balance deposited into the account at the time of opening the account, and some banks will require you to undergo a background credit check and fill out application forms. If you’re already a client for the bank you want to open the account with, you may be able to do so over the phone, and you may get extra benefits too.

How Do you Choose the Best Money Market Account?

First you need to consider if a Money Market Account is the best solution for your needs. Once you determine that this type of account is the best fit for you, have in consideration the minimum opening balance, as some banks will require a minimum amount deposited in the account to open one. After that, look for the interest rates: the higher the interest rate offer to more interest you will earn on the money held in the account. You should also look into the monthly fees, or any other fees associated with the account as well as the limits in transactions to make sure you’re happy with them.

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Pick the best Money Market Account to maximize your savings. Read the tips in our articles.

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