Best Money Market Account Rates – Checking Account Rates Offer Higher Yields?
Posted on | February 25, 2010 | No Comments
If you are looking to compound interest on the money you have earned you will want to look for the best money market account rates. Over the last few years we have seen rates on money market account dwindle making it possible for checking account rates to actually be the higher yield. Make sure to do your research and you are likely going to find this to be the case.
By doing research on local community bank checking accounts you are going to find that there are community banks offering interest rates as high as 5.25%. Not all community banks will have this offer but do not be surprised to find offers that are very attractive. It would be wise to start with community banks in your area.
Some of the best money market account rates are currently around 1.5%. As you can see, a checking account at 5% would be a much better investment than a money market account at 1.5%. Something else to consider is that many money market accounts have fees that are associated with the accounts; you will want to avoid these extra fees.
There are some restrictions on these account to receive the high yields. You will need to use an ATM or debit card at least 10 times a month. You will also need to have one electronic transfer into the account at least once a month. If you can meet these requirements you will gain the high interest community banks are offering.
Author: Alan Lake
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