Are you back and forth on opening a money market account? There are a lot of people that are searching for higher interest rates on their savings accounts but they just do not know where to turn. A money market account is a great option to consider exploring as you can easily earn a higher interest rate from a traditional savings account offered by your local bank. Money Market Account Definition So what is the official definition for a money market account? It is an account where you will put … [Read more...]
The Pros And Cons To Money Market Accounts
A money market account allows you to deposit money and earn a higher interest rate than you would if you invested money into a traditional savings account. Money market accounts are commonly considered short-term investment options and great places to store emergency cash. In order to use a money market account correctly you will need to agree to the terms and conditions which may include details pertaining to a minimum monthly balance amount and only having 6 or less withdrawals per month. … [Read more...]
Smart Ways to Save Money
How much money are you setting aside into your savings account? If you are not saving money, you could be leaving yourself vulnerable in the event of a large financial problem such as a job loss or medical expenses. Saving at least 10% of each paycheck is a great start to help you start focusing on saving money and building a large emergency cash reserve. Most banks will offer a free savings account when you open a checking account with them but the interest rate on the savings may be very low. … [Read more...]
Why Choose a High-Yield Savings Account
There are numerous options available to save your money but out of all the options the thing that will impact how much you can earn is the interest rate. Selecting a high-yield savings account is one of the best ways to save up for a rainy day and to also focus on earning more money than you can with a traditional savings account. Traditional Savings Account When you open a savings account with a traditional bank you are often stuck with a very small interest rate. The average interest rate … [Read more...]
