Money market accounts can offer a great way to earn some interest while you are not sure how else to say it. The good thing about money market accounts with high interest rates is that they are safe as long as you buy from the right place.
The first thing to know about finding high yields in money market accounts is that big brick and mortar banks do not usually have the highest rate, because they already have the name. Small banks are willing to give more in money markets because they have to attract more people.
Try an online bank like eTrade or a similar company. Banks that do not have brick and mortar stores have less overhead because they do not have rent and staff fees. This leads to generally higher interest rates on money market accounts and even savings. Indeed, online banking is great because you can move money in the stock market or a savings account quickly.
Make sure that the money market account is guaranteed. Money market mutual funds and securities are not deposits, so they are not covered by FDIC.
Know catch and fine print before you invest. Some money market accounts have really high and attractive rates, but they will punish you strongly to take anything out until a certain amount of time. Try to find a money market account that has a high rate, but where you can draw money out, if necessary.
Read reviews of banks that you choose to go with before you invest in them. High yield money market accounts are great, but you want to ensure that they will be there for you in the long run.
Attention: Look at all the sanctions, sometimes with interest money market accounts have been lost in small fees.
Highest Money Market Rates
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