Searching for online money market account rates? Use our simple money market rate comparison chart to help you see updated rates along with account fees and balance requirements. A money market account provides you with a great way to save and it offers a higher interest rate than a traditional savings account.
Using Money Market Accounts
The best money market accounts will offer not only higher rates but come with flexibility and hopefully do not include additional fees attached to the account. Online money market rates change on a daily basis as they are controlled by The Federal Reserve. This is why banks are pretty competitive with the rates as they want to find ways to bring customers to their bank and usually will give you a pretty good incentive like a matching deposit when you open the account or they will waive fees on the account.
What You Need To Know
When you are looking at the money market account rates you need to be hesitant about chasing the higher rate. Since the rates fluctuate often you need to look at other factors that can make it a good account like having low account fees, online account access, customer service, balance requirements and other things. Not all money market accounts are going to be the same across the board so the best thing to do is to look at the reputation of the bank and to check on the way they have held steady rates in the past to see that they can give you a pretty consistent rate for the duration of your investment.
Account Features
The best online money market account rates will be competitive but they will also include other account features that makes them an attractive savings venue. One of the things you should expect is to see direct deposit programs. A lot of the banks actually require you to set up direct deposit in order to open the account as this is the best way to be sure you will deposit money into the account. A money market is a great way to help you build up a nice savings since the interest rate is higher. You do need to have a plan in place for your investment goals in order to select the right account. If the rates are higher with another bank, will you be able to close this money market account without a penalty? This is another thing that you must consider as it’s common to jump accounts when looking for the best money market account interest rates.
If you are in need of a way to build savings in a hurry a money market account is the way to go. Use the comparison charts in order to find the best online money market account rates so you can start building up a nice nest egg and having money to rely on in an emergency.
