Best Money Market Account Rates – Community Banks Offer Better Yields?
Posted on | January 28, 2010 | No Comments
If you are looking for the best money market account rates then you might want to look towards community backs. To get the best yield on your money you may consider doing research on a checking account or bank account at a community bank. This is not exactly a money market account but it could yield you a much higher interest rate.
At the present time there are community banks that are offering interest rate above 4% on a checking account. There are actually a few banks are offering interest rates above 5%. When looking at the national picture it is very hard to find a money market account that is even close to this level. With this being the case you may want to find out if a community bank in your area that will offer you a high yield.
It is important that you understand that these community banks only offer high yields to individuals living in a particular area. If you do not live in that particular area you will not have the ability to apply for a checking account. Make sure to do research on the banks in your area as there may be one that is close by.
These banks are willing to offer a higher interest rate because they are looking to build funds at their establishment. Most of the national banks already have created their funds therefore they can offer a much lower interest rate. By simply doing some google searches you are likely to find many community banks that will offer you a high yield.
Author: Jeremy North
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