Having a money market account with a bank is an excellent way to invest your money. The best banks and credit unions offer competitive rates and features. However, not all banks and credit unions are created equal.
Discover Bank
Unlike a conventional checking account, the Discover Bank money market account combines savings and check-writing capabilities, providing high earning potential with minimal hassle. It offers an easy-to-use online platform and ATM access, and a competitive interest rate.
The Discover Bank money market account is available nationwide. The bank is federally insured, and its money market accounts offer a competitive APY starting at 2.90%. Moreover, the bank is known for its top-notch customer service.
Discover Bank money market accounts also include a debit card with checkwriting capabilities. You can withdraw your money through the card’s swipe-and-pay technology at 60,000 fee-free ATMs.
The Discover Bank money market account is easy to open. To do so, you’ll need to provide some basic personal information, such as your social security number and a taxpayer ID. You can then open your account in just three easy steps.
Ally Bank
Whether you’re looking for a checking account, savings account or money market account, Ally Bank has an option for you. This full service online bank offers competitive rates, convenient service and no minimum deposit. It also has mobile apps for both Android and Windows.
Ally Bank has been ranked near the top of the savings rate pack for years. They offer a variety of banking products including checks, money market accounts, saving accounts, CDs, and retirement accounts. They also provide several options for managing your funds, including a mobile app, secure messaging, and remote check deposits.
Ally Bank offers money market accounts with competitive rates, no monthly fees, and free ATM withdrawals. They also have a few other features, such as a debit card and check writing privileges.
Navy Federal Credit Union
Founded by employees of the Department of Navy, the Navy Federal Credit Union offers a variety of savings and checking accounts. They also offer loans, credit cards, and other financial products to help their members meet their financial goals.
The credit union’s website has educational information about savings and other financial matters. They also have a calculator that can help you determine how much you should save.
They have a large network of free ATMs, and they can provide members with more options for accessing their money. Additionally, their account has a tiered interest level. The higher your account balance, the more you earn in dividends.
CIT Bank
Whether you’re saving for a big trip, paying off medical debt, or just want to save for a goal, CIT Bank money market accounts offer a great way to earn interest and save. The account is federally insured, which means you’ll have more peace of mind knowing your funds are safe. You’ll also have access to a full range of certificate of deposits, including 2-, 3-, 4-, and 5-year term CDs.
There are no monthly maintenance fees, and you can even use your CIT money market account to transfer money from a checking account. You can also access your accounts through a mobile app, and you can schedule transfers between accounts.
First Internet Bank
Unlike a traditional savings account, a money market account offers a high APY and some degree of flexibility. It is a hybrid between a checking and savings account. A money market account will generally have a higher opening deposit than a standard savings account, but will still require you to meet certain balance requirements each month. The first Internet Bank money market account is a good choice for those who want a simple way to earn a decent rate of interest.
The first Internet Bank money market account offers a 1.81% APY, which is slightly higher than the typical online-only checking account APY of 1%. The account also comes with an ATM card, which is a plus. Moreover, you can receive reimbursements for foreign ATM surcharges each month.
Regions Bank
Having a money market account is a good way to earn interest on your savings. If you have a goal in mind, such as buying a car or saving for college, you may want to open a money market account.
However, before you sign up for one of these accounts, you should first research which banks offer the best APY and FDIC insurance coverage. There are a number of online banks to choose from, so it’s important to make sure you’re getting the most for your money.
In addition to a good APY, you should also be aware of any transaction restrictions. Some money market accounts require a specific balance to avoid fees, while others have a minimum initial deposit. You may also want to be aware of how the bank handles out-of-network ATM fees.
