If you are saving for a short-term financial goal and you want the flexibility of writing checks with a comparable interest rate to a savings account, it pays to look for the highest yield money market account you can find. Fortunately, banks now make it easier than ever to take advantage of competitive market rates while growing your money in a stable, low risk environment. Here’s how a high yield money market account may be able to benefit you.
The More You Deposit, The More You Earn
Getting the highest yield money market account doesn’t have to take hours of research or scouring the web. There are plenty of great comparison websites that display the most current money market rates, allowing you to easily compare and calculate your potential earnings right from your computer. Of course, the more you invest in your money market account, the more you stand to earn in interest. However, the highest yield money market account will enable you to reach your savings goals even faster.
Going Beyond the Numbers
It’s important to look beyond the numbers of your chosen money market account. Other features and benefits may be available to you depending on where you choose to bank. Beyond a solid rate, you’ll also want to look for a money market account with a low minimum balance (around $1000). Keeping your money market account at or above this minimum balance can help you avoid account management and maintenance fees which, if left unchecked, could eat away at your savings.
It’s also important to ensure that the highest yield money market account you choose compounds interest daily and posts it to your account every month. This allows your savings to grow at an even faster rate than if they had simply been sitting in a lower rate savings account. You should also be able to attach your money market account to your other bank accounts to prevent overdraft fees. This simple savings plan gives you more for your money without losing your earn interest in adding fees and charges.
Security and Stability
Finally, ensure that the banking institution you choose is FDIC or NCUA insured. These government institutions back your investments with the strength and stability of the US government, and have never failed since their inception in the 1930s. This backing, together with the latest technology in online security, can help provide an added layer of protection to your funds, while helping you reach your short-term savings goals in a stable, low risk environment.
Overall, your money market account gives you the flexibility of writing checks along with an interest rate comparable to a savings account. The more you choose to deposit, the greater the highest yield money market account will be available to you. Take advantage of today’s competitive rates and grow your savings with confidence.