When the economy has bumps, the money market account interest rates takes a hit, as well as all other bank accounts. Even with the low economy, you can still gain money on your own money with money market accounts.
Interest Rates and Money Market Accounts
Banks offer the same types of accounts, namely savings, checking, money markets, and CDs. One major difference between the accounts are the interest rates offered. Money market account interest rates are usually higher than the interest rates of savings accounts, even though they are a similar type of account. Money market savings accounts are available to help you save more of your money, but also offer an easier way to access and withdraw your money if you need to use it. A CD requires you to keep your money in the account for a certain amount of time, but money can be withdrawn from a money market account a few times each month. According to the money market account interest rate chart, the current interest rates are a bit above 1.00 percent. These rates may have been higher a few years back, but any interest is better than no interest and you can still gain a little bit of interest off your money just by putting it in a money market account or savings account.
Financial advisors agree that having part of your money in an FDIC insured account is a smart idea. Money market accounts are one kind of an FDIC insured account. By having money in a money market account, you can keep your money safe and gain interest at the same time. The best money market account interest rates can be found and compared easily through the money market rates chart.
