5 Best Online Money Market Accounts that Offer More than 5% APY

You can grow your finances real quick with money market accounts. The interest rates of MMAs are pretty high. Average rates are more than 4%. It becomes easier when you open an online money market account. Find out best online money market accounts with this article.

Many best online money market accounts offer 5 to 5.5% APY. So, why don’t people only choose them? Well, there are a lot of factors.

30% of people feel that physical banks are more credible and trustworthy. And people trust banks that have branches in general. We can’t really blame them, looking at the numerous cyber frauds happening around.

Let’s explore the best online money market accounts and their customer service prospects in depth.

What are money market accounts?

Many Americans don’t know what is a money market account. Speaking of traction accounts, people think of savings accounts mainly. But money market accounts can offer much more.

MMAs are also a kind of savings account. Unlike regular savings accounts, the significant difference is that it is an interest-bearing account. But it has the other features of a savings account.

You can write checks from your money market accounts. You can also make debit card transactions from the account.

Often, high-yield savings accounts have higher interest rates than money market accounts. In fact, their fees are way lower as well. Meanwhile, the best savings A/Cs also accept minimum account opening balances from customers.

So, there’s a chance that customers will choose these accounts. But let me advise against that. When you select savings accounts, you compromise on features like debit cards and check facilities. That means you cannot handle your account at will.

Hence, your savings account will be the transaction account you wanted. But with MMAs, you can use both facilities to withdraw funds at will. Trust me, it is a beneficial and, in fact, a necessary feature when you have high money market account rates.

Consider this Example

We will consider an investment amount of $10,000 here. You invest that in an account that yields 1% APY. So, you will earn $100 after one year.

Now, you twist the scenario. Consider putting the same $10,000 in a money market account that offers 4% APY. It will earn you $400. Meanwhile, you did not put extra effort into achieving this additional $300.

Exploring the online money market accounts

The best online money market accounts offer slightly higher interest than average MMAs. So, we must learn the tricks to handle an online MMA.

Clients can open any online MMA from anywhere in the US. That does not happen in the case of Credit Union MMAs. People’s first choice is physical banks and credit unions. But online money market accounts are nothing different.

Basic features of the Best online money market accounts

The online money market accounts have the same basic standards. Firstly, all online MMAs have a standard asset size, mostly in billions. They also have physical customer help kiosks around the US. However, some banks are purely online.

They offer cloud services to customers.

Opening an online money market account

Opening an online account is way simpler. Firstly, there is no hassle of visiting banks. You don’t have to fill out applications and then submit them physically.

Secondly, you get a full KYC check from your home and instant approval. You can also check out viable account options that suit you. Meanwhile, physical banks need you to visit a brand to discuss prospective offers for you.

But you have a dedicated online relationship manager in online banks. They can help you open and maintain your account.

If you want to open any of the best online money market accounts, follow these five basic steps:

Step 1

Visit the bank’s portal. Research the available account options. Meanwhile, don’t look only at the interest rates. Check out who offers the lowest minimum account balance facility. Also, see who has a $0 minimum deposit facility.

Finally, check who has unlimited ATM access facility along with benefits like debit card usage.

Step 2

At this step, you are ready to apply for your account opening. But you need to produce a few docs for the same. Here is a list of the documents that you’ll need:

• Your Social Security details, including your Social Security Number
• A Government ID that has a standard photo in it
• Your primary contact details, including your phone number, email address, residential address, and an alternate address.
• An initial deposit quotation from your end
• The account number that will fund your online MMA
• An explicit declaration of the name and whereabouts of the joint A/C holders, beneficiaries, and others (if any)

Step 3

At this step, you are ready to start your online application process. Firstly, visit the bank’s website. After that, create a profile. Then, log in and place the online application.

Step 4

It is the most crucial step of the 5. At this stage, you will fund your account. But wait for the bank’s approval to reach your first. You can check your email if you missed the bank’s confirmation call.

Use the account source mentioned in your application to fund your MMA.

Step 5

This is the final step of the application process. All vital actions are done now. But you need to set up an online banking portal for yourself at this step. You will use this portal to conduct debit card transactions. You can use the portal for other activities, such as depositing money.

The best online money market accounts have a highly optimized and streamlined application portal. So, you can complete your application swiftly. They also have improved online chatbots to help you with any problem you might face at any step.

Why do customers prefer the best online money market accounts?

The online MMAs are flexible and offer all decision-making tools at your fingertips. But there are some other reasons why people prefer them:

• The online process saves time and complex the needful steps promptly
• Easy of use is higher than physical banks
• There is 24×7 chatbot support to guide you and often the same human support for customers, too
• The video interactions are friendly and helpful.

Benefits of mobile apps of the best online money market accounts

Nowadays, banking apps put you in the driver’s seat. There is every option to make your experience flexible and fulfilling. But what are the most important tasks you can access from the apps:

• Tracking your account balance and the minutest of account activities with a click anytime
• Getting notifications of any change to your accounts (for example, interest deposits) in real-time
• Pay your due deposits, transfer funds, check your account’s history, and conduct other transaction activities quite efficiently.
• Send money from your account to recipients directly without withdrawing it into other transaction accounts.
• Multi-layered security benefits to assure you 100% transaction safety.

What are the Best online money market accounts?

The best accounts offer the best rates and charge the lowest. You can also check how much MAB they demand to testify the best accounts. At the same time, identify their minimum deposit criteria.

Considering all these factors, here is a list of the best money market accounts you can try:

Choose Now

We discussed the Best online money market accounts in this blog. It will help you to choose the best MMA. Meanwhile, people feel there might be hidden charges and a lack of transparency in online accounts.

But there is nothing of the sort. The same FDIC laws govern these online accounts as well. So, don’t hesitate to open an online account where you get the best offers.

Most online accounts have a simple 5-step account opening process. So that’s another cue to select online MMAs. Meanwhile, you can reach out with any queries or doubts about online money market accounts. Just place your comments below.

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