Money Market Accounts
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 and offers similar or slightly higher interest rates than savings accounts.
Money Market Accounts
What is a Money Market Account?
A Money Market Account, also known as MMA or Money Market Deposit Account or MMA, 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 from the money you keep in the account, the 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.
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, consider 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.
Money Market Accounts Providers
View here some banks and financial companies offering money market 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, you can open the account. You will need the minimum balance deposited into the account when 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.