Find the Best Money Market Accounts Available
Money market accounts are interest-bearing deposit accounts that fill the role between a savings account and a checking account. Depending on the bank, money market accounts may come with the ability to write paper checks and make debit card transactions. However, the account is still subject to federal rules that place a limit of six withdrawals or debits per month (excess withdrawals may result in fees or denied).
Latest Savings Rates Averages
* Average is based on banks tracked on MyBankTracker.com.
Frequently Asked Questions
What is the difference between a savings account and a money market account?
Like a savings account, a money market account holds deposits that earn interest. However, money market accounts usually require higher balances to avoid monthly fees, if any. Because of these deposit requirements, money market accounts tend to carry higher interest rates compared to savings accounts.
Some money market accounts also offer more ways to access deposits by issuing paper checks and debit cards, which are not available with savings accounts.
What is the difference between a money market account and a money market fund?
A money market account is an FDIC-insured deposit product, like savings and checking accounts.
A money market fund is a type of mutual fund that holds low-risk investments including government securities, CDs and corporate bonds. Investors may receive dividend payments from money market funds, which are not federally insured.
What should I look for in a money market account?
In the banking world, money market accounts can vary on monthly service fees, account requirements and accessibility to funds. One of the biggest factors is the interest rate (APY).
Search for a money market account with balance or account requirements that you can meet in order to earn the highest rate possible. Furthermore, consider the ways that you can access the deposits in the case that you need funds in an emergency.
How do I choose the right savings account?
Begin your search at your current bank. Even if you already have a savings account with them, ask about other products that may better suit your needs. Do not assume that the accounts you have now are best for your situation.
You should also compare rates for a high-yield savings account using our savings calculator. Some products may beat your current bank’s rates, but do not assume the highest rate is the best option. You have to make sure you choose the bank that will best fit your banking habits. You may be comfortable with your own bank and not want to start a new relationship, even if you do find a slightly higher interest rate.
Why should I open a savings account?
You may want to start saving for a new TV in a few months, a new car in a few years or to send your kids to college further down the road. All of them require some sort of savings plan.
An emergency savings account is another vital part of your overall financial health. Some experts advise setting aside $1,000. Others recommend holding the equivalent of three months salary in savings. Some insist that up to one year’s salary is crucial -- particularly to protect against unemployment.
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