Institutions with money market accounts that we track ableBanking, Ally Bank, Axos Bank, BankDirect, BankPurely, BankUnitedDirect, BBVA, Bethpage Federal Credit Union, BMO, CFG Bank, CIT Bank, Connexus Credit Union, Discover® Bank, EBSB, First Internet Bank, iGoBanking, Investors eAccess, Ke...
Contents Best Money Market Accounts Ally Bank Money Market Account: Best for Debit Card Access Sallie Mae Money Market Account: Best for High Rates Discover® Bank Money Market Account: Best for No Fees What is a Money Market Account (MMA)? Money Market vs. Savings Account Which One Should...
The Fed’s decision to begin cutting rates can indirectly lower the yields of money market accounts, as these accounts often track short-term interest rates. Monitor how these changes may affect your potential returns for MMAs. While not all financial institutions adjust their rates immediately afte...
Exploring alternatives beyond money market and checking accounts may provide opportunities for higher interest rates or more substantial returns. High-Yield Savings Accounts High-yield savings accounts typically offer higher interest rates than both checking and money market accounts, making them a strong ...
These types of rates rise and fall based on inflation and market fluctuations. This is how interest works for similar financial products, such as savings accounts and mutual funds. Another important factor that will ultimately affect your returns is when the interest is compounded. Depending on ...
Are money market accounts safe? What makes a money market account unique? Money market account vs. money market fund How much money should you keep in a money market account? Key takeaways Money market accounts, or MMAs, are safe because they are deposit accounts, not investment accou...
The amount of cash held by investors inmoney market accountsreached a record level in August, even as looming interest rate cuts would lower their returns. Money market account assets hit $6.24 trillion this month, according to data from the Investment Company Institute as of Aug. 21, despite...
A Short History of Money Market Accounts Banks created hybridmoney market accounts (MMAs)to offer more competitive interest rates than those offered by traditionalsavings accounts. But that doesn't come without a cost. The tradeoff for higher rates is often a higher minimum deposit requirement. ...
Banks can invest the money account holders deposit into money market accounts in highly liquid, short-term, low-risk securities. These includecertificates of deposit (CDs),government bonds, or other similar investments. When these assets mature, they give money market account holders a portion of ...
Many banks and credit unions also offerhigh-yield savings accountsand, depending on the institution, the interest rate may be better than on their money market accounts. High-yield savings accounts are also FDIC- or NCUA-insured.3A potential downside compared with money market accounts is that th...