Money market accounts have not received attention that is much recent years, and it’s easy to see why.Recent numbers from Federal Deposit Insurance Corporation (FDIC) The average savings account rate and average money market account rate show that they are currently at 0.06% APY at the time of writing.
Still, only a banks that are few interest on money market accounts that match the attention on a Certificate of Deposit (CD). Also, unlike CDs, Money His Market Account will not tie up funds for over per year to have the bank’s interest rate that is highest.
Below, we’ll find the most money that is lucrative offers available today and share important account details you must know before opening a money market. Axos Bank currently supplies the best returns among the list of money market accounts reviewed, but we advice exploring Discover, CIT Bank, Nationwide, and BBVA to get the fit that is best.
The Most Important Elements of a Money Market Account
- availability: Traditional banks have money market accounts, but you can find competitive rates and terms through online institutions. Online banks tend to offer higher interest rates than their competitors.
- Minimum Deposit requirement
- : Compare banks based on minimum deposit to find the money market rates that are best to suit your savings. Higher deposits can lead to higher also rates, but the threshold for higher returns varies widely.FDIC Insurance : Make sure the money market account you open is insured by the FDIC up to the standard amount of $ money that is 250,000.All accounts that made our rankings offer FDIC
- insurance.Debit card access