How to Get the Best Money Market Rates
It’s not hard to get competitive money market rates – if you know where to look. The fact is banks want to earn your business and your loyalty as a customer. Previously, if you wanted to know what the best rates were, you had to go with whatever your local branch gave you. These days, national banks and even online banks are looking for lifetime customers – and one way they do that is by offering attractive money market rates. Here’s how to make sure you get the best.
Compare Rates Online
Your first step when researching money market rates is to head to the web. Online, there are plenty of Web sites that will give you the top rates and the banks that issue them. For instance, Aurora Bank (Equal Housing Lender, Member FDIC) is consistently in the top for some of the most competitive money market accounts along with a four-star rating for security and stability. Many banks are reviewed and rated by banking Web sites according to their rates as well as other terms.
The Flexibility You Need
One of the best reasons to choose a money market account is that it gives you the flexibility and features you need, without a lot of hassle. Money market rates are comparable to a savings account interest rate, but with a money market account, you can write a certain number of checks, so you always have easy access to your funds when you need them. And, while money market rates aren’t as high as a CD, you benefit by not having your money tied up for a set timeframe, while still enjoying competitive interest rates and the ability to write checks against your balance. What’s more, any interest you earn in your money market account is compounded daily and posted to your account each month – helping you reach your savings goals even sooner.
An Ideal Short-Term Saving Solution
If you need the convenience of being able to write checks, but still want to enjoy money market rates comparable to what you’d get with a high interest savings account, a money market account could be the right choice for your needs. Many people find that money market accounts are a more stable and secure investment than investing in the stock market, since money market rates are determined by the Federal Reserve, and are backed by the FDIC for member banks, a government institution that helps protect and insure bank deposits against loss.
But, in order to get the best money market rates and avoid paying a monthly fee, you’ll want to be sure you have at least $1,000 in your account at all times. You can also link your money market account to another account to prevent overdraft fees, making it a smart way to enjoy some of the best rates available on the market today.
Jess Hall writes out of Jersey City about different investment opportunities, including how to find the best money market rates from online banks like Aurora Bank. Always looking to stay updated on the latest news about her financial institution of choice she tends to look up information at http://www.squidoo.com/lensmasters/AuroraBankFSB more often than not.
