The Money Market Account Interest Rates Will Shock You!! Best Rates, Benefits, and Complete Guide

If you want to save a lot, close your savings accounts today. Open high-yield money market accounts with the same bank. Find in details about Money Market Account Interest Rates.

Y.our money market account can be an ideal way to earn bigger with your savings accounts. Confused?

The same banks now offer money market accounts. These accounts provide almost 11 times more than the National average APY on savings and other deposit accounts. Wait, there’s more. The money market accounts offer check-writing benefits. You can also withdraw your money from the account with a debit card. No other deposit account provides such benefits. So are you ready to know more about it?

Defining money market accounts- What is a money market account?

Why are we so clicked about Money market account interest rates? The money market account offers the most reasonable benefits and highest interest rates among all traction accounts. In addition, you can withdraw or deposit money anytime. There are at least six free debit card transactions on money market accounts.

But people are not so hooked on these features as they are really into the interest rates. I am in these features with the best Money market account interest rates is the deadly combination.

Money market account interest rates

You know that money market account interest rates are higher than most other deposit accounts. But they might not be the highest in the market. The high-yield savings accounts may offer 0.3 to 0.5% more interest.

But that’s not at all worth fighting for. You also get Money market account benefits like check writing, debit cards, and ATM card facilities. However, you get none of these benefits from savings accounts. There are no such benefits, even if it is a high-yield savings account.

So let’s check out the best Money market account rates:

American Express National Bank savings account

Here, you can get up to 4.00% APY. Now I know that more banks and credit unions are offering 5% interest quickly. So why would you choose AmEX? Firstly, because AmEX bank has a record stability rate regarding customer payback. Secondly, you can open an account for 0 minimum balance here. Meanwhile, it is also an FDIC member. So you get insurance for up to $250000 in your money market account.

This Bank’s money market account interest rates will seem more, when you don’t have to pay any statutory monthly fee or check writing fee after all these token-free benefits are added to your interest.

But I feel there at two best features of this account. It requires 0 minimum deposit for opening a money market account. Also you need to maintain a zero minimum balance per month.

Open Bank

It is one of the most popular savings account banks in the US. They are also FDIC members. Hence, your money is secured and insured (up to $250000). Meanwhile, you can enjoy up to 5.25% APY on opening a money market account with this bank.

So, Open banks should occupy higher ranks among the best Money market account interest rates. Wait, it has other benefits also. You need not maintain any minimum balance here to run your account. Moreover, you pay $0 monthly fees to run the account.

But something better comes with some other limitations. Firstly, you must pay a minimum deposit of $500 to open a money market account with this bank. Meanwhile, you get no check writing facility as well.

Use an Open Bank money market account to overcome these limitations and hope for higher returns. No doubt, it is one of the best High-yield money market accounts.

EverBank

EverBank has one of the record interest rates in the US among all money market accounts. So, it also ranks uppish in the Money market account interest rate list.

You get a flat 5.05% APY with this account. But it is not the only benefit. You can maintain a zero minimum balance to run this account. In addition, you have to pay no minimum deposit to open an account. Plus, there are no monthly fees charged on this account.

With these sumptuous benefits, it is perhaps the best money market account you could have asked for.

For bright Bank

Forbright’s 5% APY is among the highest Money market account interest rates. They also offer the same benefits as zero minimum deposit and zero minimum monthly balance to operate their account. Not to mention the FDIC insurance separately. Meanwhile, there is only one demerit. Forbright Bank does not offer any ATM facilities. However, most money market accounts do not come with ATM facilities. The best you can expect is debit card facilities from these accounts.

Both serve the same or similar purposes. Hence, no worries. Go for this account if you feel like it.

Quontic Bank

Do you want to enjoy 5.00% APY from your money market account? Along with the fast and security of a leading Bank like the Quontic Bank? Don’t think twice. Make a move today.

Quontic Bank is not costly. The bank only demands a lone $100 as a minimum deposit for account opening. It benefits you more than the bank. You will earn a higher interest. However, the bank offers benefits like zero minimum balance to avoid fees. Meanwhile, you also enjoy zero monthly payments on account operations.

The bank does provide check-writing facilities along with debit facilities. Lastly, Quontic Bank has a five out of five rating from most financial experts in the US.

Brio Direct

If I could speak of the most reliable credit union offering the best Money market account interest rates, I would mention Brio Direct. They offer 5.00% APY. So, you can earn a lot. However, there is a catch. You must deposit at least $5000 to open an account with them.

I know it might be too much for some people. However, you will enjoy its benefits at the end of the day. In addition, Brio has no minimum balance criteria to help you in the process.

So, the bottom line is that you must just open an account with 5000. After that, you can withdraw your amount anytime using a debit or check. Nobody will stop you. Also, you have to pay 0 monthly fees to operate your account with the credit union.

Are Money market account interest rates the highest?

Well, no. The savings accounts might offer higher market rates and also charge lower fees. For example, high-yield savings accounts offer up to 5.50% interest.

The best savings accounts have no minimum deposit schemes also. But remember they don’t come with credit cards or check writing facilities. Hence, accessing your money stored in these regular accounts might be difficult. Instead, all money market accounts offer check writing and debit or at least one.

Example

Let’s take an example to understand the benefits of the Money market account interest rates. We assume you want to invest @$10000 in your money market account. It will earn approximately 1% APY. So, your annual interest earnings will be $100. Remember, it is the interest and not the principle.

Putting the same amount in a money market account with 4 to 5% APY can help you and around $500. I mean, this is easy money.

You don’t do anything. Just shuffle your accounts and earn big from the top money market accounts.

Risks of high Money market account interest rates

Don’t worry. Your cash in these accounts is safe. Almost all banks and trade unions offering money market accounts have FDIC insurance. So you will get your return even if your bank collapses or goes broke. However, the cover limit is $250000 per person for the account.

So check if your bank is FDIC insured when putting your money into money market accounts.

However, experts have something to save. While you might not lose your money, the withdrawals may reduce the potential of your investment. You will earn less if you keep withdrawing money from your account.

Choose the best Money market account interest rates

Want to choose an account with high Money market account interest rates? An account with 5% APY is a sure winner in today’s market. But don’t check this rate only. Also, check if your account has check writing features. It is better if the account has ATM facilities also.

Don’t invest money in a money market account with a monthly withdrawal cap. Also, invest in accounts with no minimum balance requirements.

Comment further queries about Money market account interest rates in the comment section.

For More Business Related Informative Article Click Below!!!

• Social Security Reform: Options for Reform
• Best CD Rates: What It is? Why It is Important?
• Financial Dashboard: Your One-stop Personal Finance Guide