The Top Money Market Accounts are the ones that gives you the best features for your individual needs. You want a good interest rate, of course. But ease of access to your money and the size of the minimum balance are also important.
To choose the best money market account for your needs, you should understand what money market accounts are, how they work, and how to find top money market accounts with the features you want.
You could also check money market deposit accounts and money market checking account which are great saving and investing instruments which increase your returns while keeping it safe. If you can take more risk, you could also check high yield money market accounts.
Identification of top money market accounts:
When you open a money market account you loan money to a money market fund, which then invests it in short-term securities, primarily corporate and government bonds. Because the securities are short-term, the fund portfolio changes constantly and the rates
A quick search of financial websites can turn up enough money market accounts to leave you cross-eyed. But before you despair, relax.
The financial experts we’ve talked to say that most top money market accounts share some key traits that can make them stand out from the crowd.
The Common Characteristics of Top Money Market Account
1. Great Rate.
2. Debit Card Convenience.
3. High Yield.
The best money market accounts offer competitive interest rates. You are likely to find those at online banks like Ally Bank. That’s because online banks don’t have the overhead of traditional banks and they can pass that savings on to you in the form of great rates.
4. No Monthly Maintenance Fees.
You don’t want monthly maintenance fees eating away at your return. Find a bank that simply doesn’t charge these types of fees.
5. Flexible Access.
Be sure the money market accounts you’re considering allow you access to your account (within federal limits) via debit card, checks, transfers and ATM withdrawals.
Top Money Market Accounts
While the best nationally available money market and savings accounts pay the same rate, MMAs offer more deposit options to savers.
You’ve got three nationally available MMA choices these days — TIAA Direct, EverBank and UFB Direct — that pay 1.25% APY.
In comparison, TIAA Direct has the only savings account that pays as much.
TIAA Direct grabbed the top spot in our MMA rankings when it launched its account in February, and the rate hasn’t changed.
It also has the easiest terms for earning the top rate.
Simply open an account with a $25 minimum deposit. There’s no minimum balance requirement or monthly fees on the account.
TIAA Direct (www.tiaadirect.com) is a division of TIAA-CREF, which is best known for providing retirement services to teachers.
In July, both EverBank and UFB Direct began paying 1.25% APY on their MMAs.
EverBank guarantees the rate on its Yield Pledge Money Market for six months. After that, the rate will drop to the rate on a standard MMA, which currently is 0.76%.
You’ll need at least a $1,500 deposit to open an account, and the best rate is available on balances to $50,000. Balances above that amount earn 0.76% APY.
And if you don’t keep a minimum of $5,000 in your EverBank MMA, you’ll be charged an $8.95 monthly fee.
The bank (www.everbank.com) is based in based in Jacksonville, Fla., and has 14 Florida locations, although it’s primarily an online bank.
Your other choice is UFB Direct, which requires a $5,000 minimum deposit to open an MMA, though any money you have in your account earns interest. However, if you don’t keep $5,000 on hand, you’ll pay a $10 monthly fee.
The rate is good on balances to $250,000. Portions of your balance above that amount earn 0.25% APY.
UFB Direct (www.ufbdirect.com) is a division of BofI Federal Bank, based in San Diego.
Two other banks pay at least 1.00% APY on nationally available money market accounts.
My Banking Direct (www.mybankingdirect.com) cut its rate this month to 1.05% APY from 1.15% APY. It takes a $5,000 minimum deposit to open an account, and you need to keep that much in your account to earn the best rate.
Balances below $5,000 earn 0.25% APY.
The bank is a division of New York Community Bank, which has more than 200 branches in New York, New Jersey, Florida, Ohio and Arizona.
Acacia Federal Savings Bank (www.acaciafederal.com) has a top rate of 1.00% APY on its Tiered Money Market account. You must deposit at least $1,000 to open an account. Balances of $25,000 and higher earn 1.00% APY.
Balances of $10,000 to $24,999 earn 0.50% APY. A balance below $10,000 earns 0.25% APY.
The bank is based in Falls Church, Va., and is a subsidiary of Acacia Life Insurance Co.
Top Money Market Accounts – How would you like to DOUBLE your cash in one of the TOP 5 Money Market accounts?
If you’re sick and tired of measly 1 to 2% interest rates on your savings…you’re not alone.
That’s why I’ve done all the research for you and discovered the best rates…even with $1 minimum balances!
And now my kids money is growing faster too!
Money market accounts are almost exactly the same as savings accounts…except they command much higher interest rates.
And they’re insured by the FDIC for up to $100,000 per depositor…so you can sleep at night and not worry about your hard earned money disappearing.
And they’re PERFECT for your kids.
Each of my 4 kids has their own account (held jointly in my name also) for their savings.
Many parents don’t realize that these accounts are available with minimum balances as low as $1!
So why not take advantage of the higher interest rates…after all, you deserve it, right?
Here Are the Current TOP 5 Money Market Accounts With Low Minimums:
1) Union Federal Bank Money Market Accounts
2) Apple Bank
3) GMAC Bank
5) Corus Bank Union
You could also check money market deposit accounts and money market checking account which are great saving and investing instruments which increase your returns while keeping it safe. If you can take more risk, you could also check high yield money market accounts. It all depends on your requirements and what it is that you need to meet your goals from your investments in the money markets.