Best money market accounts
If you’ve recently come into a large sum of money, or you’ve been saving and need somewhere to keep your nest egg, then it may be worth looking at getting a money market account.
The main reason that many people opt for a money market account is the high interest rates. Although you usually have to deposit a lump sum upon opening the account, the interest rates definitely make up for it.
It’s similar to a standard savings account – you get the flexibility and the convenience, and with some banks, you can even write checks. However, unlike savings accounts, you can generally withdraw funds from your account whatever and whenever you like.
If you’re interested in a money market account, then keep reading to find out more about some of the best money market accounts. Looking for a more in-depth read into money market accounts? Then head on over Crediful to read up on the best money market rates!
Discover
Pros:
- Access to over 60,000 ATMs across America
- No account fees
- Can temporarily freeze debit card
- Super useful mobile app
Cons:
- Interest rates fall behind competitors’
- You may have heard of Discover through their credit cards, but they also have plenty of online banking products, including money market accounts.
- With many other money market accounts, you can incur monthly service charges – but this isn’t something you have to worry about with Discover Bank, as it’s free to use.
- To get the highest interest rate, you’ll need at least $100,000 in your account. With that balance or higher, you’ll receive an interest rate of 1.50% APY. If you have any less than that, then don’t worry – you’ll still receive a generous interest rate of 1.45% APY.
The mobile app is super convenient and easy to use – with ease, you can track and manage your finances, whether it be depositing checks, freezing your card, or simply checking your balance and recent transactions.
Able Banking
Pros:
- Accessible facilities
- Competitive interest rate
- Quick transfer times
Cons:
- Minimum opening balance of $250
To get started with an Able Banking money market account, you’ll need at least $250. Compared to other money market accounts, this is low – as many others can require an opening balance of at least $1000.
The high interest rate is certainly a drawing factor to the bank – 1.85% APY is a competitive rate that’s definitely worth taking advantage of.
This account is ideal if you’re looking to start savings – you just need any form of photographic ID and your social security number. $250 isn’t a lot to get the ball will start rolling.
Money transfers are quick and easy with Able Banking – it will only take two or three days as opposed to the 5-10 days that it can take with other banks.
Once you’re a customer of this bank, you can refer a friend and earn $25 to donate to a charity of your choice. Able Bank has other charity schemes too – each time an account gets opened, they donate $25 to a 501c(3) charity organization.
CIT Bank
Pros:
- Convenient mobile app
- No opening fee or maintenance fees
- Competitive interest rate of 1.85% APY
Cons:
- Minimum opening balance of $100
If you don’t have a lump sum to start with, but want to build your savings, then it’s certainly in your best interests to read about CIT Bank.
With a competitive rate of 1.85% APY, this money market account certainly trumps many of its competitors.
Although it’s unlikely with this type of account, be wary if you get yourself into your overdraft, as you can incur some hefty charges for doing so.
You may also get charged for excessive transactions, wire transfers, and stop payments – but if you’re using your money market account correctly, then it’s doubtful that you’ll be using those facilities much.
You can make six free withdrawals a year, which gives you motivation to let your money build instead of regularly digging into your savings.
Betterment
Pros:
- No minimum opening balance
- Any ATM fees can be reimbursed
- Transfer between accounts as much as you like
Cons:
- No branch locations
- Can’t write checks from this account
It’s super easy to get started with Betterment – you don’t need a starting balance, and unlike many other money market accounts, you don’t have to pay for the account, or for any monthly maintenance fees.
The interest rate is a competitive 1.83% APY, which gives this account one of the highest-interest rates in the country.
Although there aren’t any branch locations for you to go to, you can access most banking facilities on the mobile app. You can’t write checks from this money market account – but this will only encourage you to save and leave your money untouched!
Also, Betterment are planning on introducing a checking account with a debit card pretty soon, so be sure to keep your eyes peeled for this!