What are the best money market accounts? The best money market accounts are known to offer really low fees, fair minimum, requirements, and high rates to customers. With the pace at which interest rates have been rising through the year 2022, securing your cash in the bank is a sure bet for its fast growth.
The best money markets accounts are useful, especially regarding saving funds. This is because money market accounts allow for some free withdrawals every month, pay interest, grant the ability to write checks, and many more. There are lots of things that one can do with the best money market accounts they find. Read on in this article to learn all about the best money market accounts you can use to your fullest advantage.
What Is a Money Market Account?
Meanwhile, Money Market Accounts are saving account that earns you interest with the time you separate for a short term. This account provides the benefits of a savings account and a checking account. Recognized as a hybrid, it offers higher interest rates to its customers rather than traditional savings accounts. What’s more, they do so with the ability to access your money rather than a certificate of deposit.
It comes with more ease and convenience than most accounts. Furthermore, a money market account is a safe warehouse where you can safely store all your cash reserves with the stability it has to offer. This is similar to a savings account along with features like a checking account. The best part is, they can offer you a nice yield.
Is a Money-Making Account Safe?
The money market accounts that are funded by major banks, basically insured by the FDIC, are safe. They are pretty secure and provide stability and safety measures that cover your deposits. You only have to make sure that the institution of your choice is FDIC-insured. This is because they happen to cover your deposits of up to $250,000 in case a bank fails.
Who Should Get a Money Market Account?
If you are the type who happens to have plenty of cash that meets the minimum balance requirements available, this is an open road for you. If you carry lots of cash and prefer writing checks from your accounts, a money market account is the right choice for you. Plus, getting the best money market account can provide you with exclusive benefits and features. You can check out the next outline on how to select the right money market account.
How to Choose the Best Money Market Accounts
If you are looking to get the best money market accounts, there are certain factors that should be considered before making a choice. They are:
Interest Rate
A money market account is likely to present things like account balance minimums and you might be limited to six transactions a month. This should prompt you to look for an account that has a higher interest rate than a high-yield savings account. Look for a money market account with the best interest rates.
Account Fees and Minimums
You need to keep an eye out for money banks that will require a minimum balance for you to open an account. You should note that the higher the offered rate, the higher the minimum balance they will require. In addition, beware of excessive transaction fees.
The Balance Restrictions and Perks
There are tons of financial institutions that do offer a money market account that is based on how much you keep in it. First, you have to be sure that you will be over the account balance minimum and see what type of APY you may expect. These are two factors that also help.
Confirm If It Is The Right Bank
As long as the bank of your preference is insured by the FDIC, you can rest assured that your money is going to be safe. Hence, you can choose a financial institution based on how they are insured and what you value.
Best Money Market Accounts
Are you looking for the best money markets accounts out there today? Well, these are some of the best Money Market Accounts out there today:
Ally Bank
Ally Bank ranks among the highest money markets and has possible ways that you can access your money. This money market account is the best for transaction flexibility. Furthermore, it has multiple customer-friendly aspects all combined in a single account. This online bank has many features that include: competitive interest rates, no-minimum balances, no monthly fees, an ATM/Debit card capability, free checks as well as Zelle proficiency.
This bank is the best for users dealing with small balances. Also, it is easy for customers and a membership cost-free process. One of the best reasons that this bank ranks among the best money market are the fact that they pay a high-interest rate for small balances. It is indeed one of the best Money Market accounts to make use of.
Axos Bank
This money market account is the best for debit card users. If you wish to have access to your money market account funds through a debit card, Axos bank is the best choice for you. They have an interest rate of 0.25%, a debit card, and unlimited withdrawals. Their great features include no minimum ongoing balance, no monthly maintenance fees, a highly competitive interest rate, and an unlimited number of withdrawals you can do a month.
Prime Alliance Bank
This money market account is the best for trying to earn as much money as possible. However, you do not need an ATM or debit transaction. They have great features such as their competitive interest rate; they have no monthly maintenance fees, etc. Also, they have no minimum opening or ongoing balance either.
Synchrony Bank
Synchrony Financial bank is an excellent money market account for users who are frequent transactors. If a user does more than half a dozen transactions a month, Synchrony bank helps them with this issue. Hence, they offer larger withdrawal limits to their customers whilst offering more amazing features that benefit their users.
They have great features like their withdrawal limits ranking higher than 6, offer check writing, no minimum balance or monthly fees, competitive rates, and many more. They pay an interest rate of 2.00% on APY on all balances and even provide fee reimbursement on ATM charges.
Conclusion
Listed above are some of the best money market accounts you can find both locally and online and they offer great deals as well. They have their marked ranks on the list and do their best to offer amazing features that beat their competitors.
