Best Money Market Account Rates – Higher Yields Than Savings Accounts?
Posted on | February 24, 2010 | No Comments
The best money market account rates used to have a higher yield than most savings accounts but this may no longer be the case. Based on the area in which you live you could find a much higher interest rate on a savings account or even a checking account.
There are many local community banks that are offering an interest rate above 4% on a checking account. There are a few restrictions with these accounts but it is nothing that is very difficult. Most of these checking accounts require that you use an ATM or debit card at least 10 times a month.
Something else that you will have to do to make sure that you lock into these high yields is to have one electronic transfer into the account per month. They should not be very difficult to do as you can transfer money from any other account very easily over the Internet.
If you can fulfill these two requirements then it is likely that you’re going to find higher yields on savings accounts then even the best money market account rates. If you do not have a local community bank that is offering high rates then getting a 1.6% interest rate on a money market account might be the better deal.
Author: Heather Best
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