In order to find high interest money market accounts you need to use online comparison tools and other things that help you to see the account fees, interest rates, and flexibility. Many people choose to invest their money into money market accounts because they do come with a higher interest rate compared to traditional savings accounts and many other investments. You need to do your research when you are comparing rates in order to find the best high interest money market accounts for your investment situation.
Interest Rates
The money market account interest rates often change on a daily basis. You need to watch the rates and compare them often to find which banks will be able to provide you with the best level of consistency and also to check on their account fees and customer service. The Federal Reserve sets the interest rate on money market accounts so most banks offer a number that is pretty similar but there are a few that may offer a higher rate. ING Direct is one of many banks that provides a higher interest rate on their money market accounts, savings accounts, and other investments because they operate completely online. The lack of several branch locations helps them to maintain a lower cost, giving them a chance to send more money toward their customers.
Account Restrictions
As you are looking at online money market accounts you do need to consider some of the account restrictions. Usually when you transfer money from your savings account it can take up to 5 business days for the money to clear your bank. This may make it difficult for you to withdrawal your money if you need it that day. Some money market accounts do provide you with check writing privileges so you can pull out the money as you need it but there could be a fee if your balance falls below a certain requirement.
Bank Features
When you are dealing with online money market accounts you do need to be aware of the lack of customer service you will have. Most of the account handling will be on your shoulders as you do not drive to a physical bank to talk to a teller about your account. You need to make sure you are comfortable dealing with this different type of banking before you start shopping around for high interest money market accounts.
