Money Market Accounts

Money Market accounts are probably the best kept secret when it comes to investing. Money Market accounts are accounts that are offered by banks and credit unions. They have similarities to savings accounts, as well as checking accounts. Money Market accounts generally function the same as savings accounts, but usually require a higher minimum balance (sometimes as high as $5000). Because these accounts require this higher balance, they often offer better interest than regular savings accounts. However, they often do not allow as many withdrawals, usually between three and six per month. Like checking accounts, money market accounts often allow checks to be written from their funds.

Like other bank accounts, Money Market accounts carry the same insurance provided by the FDIC. This means that if the bank or credit union goes out of business, your money is still there. Having this insurance through the FDIC is a safe way of making sure that your money stays where you put it, with very little risk.

The risk with money market accounts is generally on the low end of the risk scale. Like savings accounts, money markets earn interest. Banks pay the investor interest so that they can loan your money to other people. This doesn't mean that you can't have access to your money though. Money Market accounts still allow access to your money at any time.

If you want a relatively safe investment, that has a good return, check into Money Market Accounts at your local bank or credit union.

Money Market Account Rates

With the current federal interest rate at 5.00%, some banks and credit unions are offering money market account percentages as high as 4.50%. Credit Unions will tend to offer a higher rate as opposed to banks, because many credit unions are non for profit. Non for profit are often the most secure credit unions as well, meaning they are not subject as much to buyouts by other banks and credit unions. This often times makes them private as well, such as a state employees credit union or a large business credit union. If you are shopping for a credit union, try to find one that is private that you can join. You should be able to acheive higher rates at this type of credit union as opposed to a regular bank or for profit credit union. However, the only danger to a private credit union is that eventually they may be bought out, or close depending on how many customers they have. As with chosing any bank or credit union, do your research to find the one that suits your needs best.




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				*Money Market Accounts* Money Market accounts are probably the best kept secret when it comes to investing. Money Market accounts are accounts that are offered by banks and credit unions. They have similarities to savings accounts, as well as checking accounts. Money Market accounts generally function the same as savings accounts, but usually require a higher minimum balance (sometimes as high as $5000). Because these accounts require this higher balance, they often offer better interest than regular savings accounts. However, they often do not allow as many withdrawals, usually between three and six per month. Like checking accounts, money market accounts often allow checks to be written from their funds. Like other bank accounts, Money Market accounts carry the same insurance provided by the FDIC. This means that if the bank or credit union goes out of business, your money is still there. Having this insurance through the FDIC is a safe way of making sure that your money stays where you put it, with very little risk. The risk with money market accounts is generally on the low end of the risk scale. Like savings accounts, money markets earn interest. Banks pay the investor interest so that they can loan your money to other people. This doesn't mean that you can't have access to your money though. Money Market accounts still allow access to your money at any time. If you want a relatively safe investment, that has a good return, check into Money Market Accounts at your local bank or credit union.
*Money Market Account Rates* With the current federal interest rate at 5.00%, some banks and credit unions are offering money market account percentages as high as 4.50%. Credit Unions will tend to offer a higher rate as opposed to banks, because many credit unions are non for profit. Non for profit are often the most secure credit unions as well, meaning they are not subject as much to buyouts by other banks and credit unions. This often times makes them private as well, such as a state employees credit union or a large business credit union. If you are shopping for a credit union, try to find one that is private that you can join. You should be able to acheive higher rates at this type of credit union as opposed to a regular bank or for profit credit union. However, the only danger to a private credit union is that eventually they may be bought out, or close depending on how many customers they have. As with chosing any bank or credit union, do your research to find the one that suits your needs best.

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