Best Money Market Account

Best money market account
Best Money Market Account
When you are looking for a​ good safe way to​ invest your money you should look into a​ money market account .​
They are a​ great way to​ maximize your savings potential without any risk .​
Many people don't understand the​ way money market accounts work and therefore they don't know how to​ choose the​ best money market account for their financial situation.
What is​ a​ Money Market Account?
A money market account is​ an​ account that works like both a​ checking and savings account .​
They offer you the​ ability to​ earn a​ much higher rate of​ interest then a​ standard savings account .​
This is​ because you only have the​ ability to​ withdraw money from your account six times a​ month,​ this is​ standard and every financial institution has the​ same rules .​
You can either write a​ check or​ a​ debit card to​ access your money.
What to​ Look for in​ a​ Money Market Account
One of​ the​ first things you should find out when searching for the​ best money market account is​ if​ the​ financial institution that you are going to​ use is​ FDIC insured .​
This is​ basically saying that the​ federal government is​ insuring your money,​ so if​ your bank,​ for whatever reason,​ goes out of​ business your money is​ not lost,​ you will get it​ back.
Another important factor is​ monthly maintenance fees that some financial institutions have .​
Many of​ them will waive all monthly fees if​ you keep a​ certain minimum balance each month and if​ you look around,​ especially on​ the​ internet,​ you can find many of​ them that have no fees and have require no minimum balance requirements .​
This is​ especially helpful if​ you are just beginning to​ start saving,​ the​ last thing you need is​ having your savings eaten up by fees.
Opening balances vary from institution to​ institution .​
Almost every money market account has a​ minimum opening requirement .​
However,​ they run the​ gamut,​ many require only $50 to​ open an​ account but as​ you get the​ better interest rates you will often have higher opening balance requirements,​ in​ fact several of​ them get up to​ the​ $5,​000 mark .​
Where to​ Find the​ Best Money Market Accounts
Until recently the​ only place to​ open a​ money market account was to​ go to​ a​ local bank .​
With the​ internet becoming so prevalent in​ society,​ lending institutions have begu​n to​ use it​ to​ recruit new customers .​
Some of​ the​ best money market accounts are available by internet .​
They don't have the​ high expensive of​ having lots of​ buildings to​ maintain so they are able to​ offer higher interest rates.
The only real difference between using an​ internet bank and a​ local branch is​ how you make your deposit,​ you will make your deposit two ways you can have your employer do a​ direct deposit or​ you can mail them a​ deposit .​
It is​ recommended that when you mail your deposits you send them certified.
Having a​ money market account is​ one of​ the​ best ways to​ save your money with no risks like stocks or​ bonds .​
You keep your money liquid and earn a​ great interest rated so take some time and find the​ best money market account for you and your financial circumstances.
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