Happy Monday Divas and Divos!
I am continuing my series on “Diversifying Your Coins”. We are going to dive into our “INVEST” portion. Let’s talk….. MONEY MARKET ACCOUNTS!
What is a Money Market Account?
Money Market Account is an interest-bearing savings account that requires a higher minimum balance but can also generate a higher rate of return.
What does a Money Market Account do for the bank?
Money Market Accounts gives the banks opportunity to invest in low-risk products like Certificates of Deposits (CDs) and Government Securities.
What is the minimum amount to open a Money Market Account?
It varies from $100 to $10,000.
What are the advantages of having a Money Market Account?
- You want to your funds to get a higher return but also have the flexible to access your funds in case of an emergency.
- You want be able to see a return but not have to wait as long as you would if you had Certificate of Deposit (CD).
- You want to be able to write checks from your account.
Money Market Account is a great way to secure your funds and get a return. It is also a way to get into investments with very little risk.
Where can I start a Money Market Account?
You can check your local financial institution to see if they offer this product. For those of you who are looking to start one now… Below is a list of banks/credit unions who are offering Money Market Accounts
CIT Bank
Minimum Deposit: $100 APY: 1.75%
https://www.bankoncit.com/money-market-accounts/
Ally Bank
Minimum Deposit: $5000 APY: 0.90%
https://www.ally.com/bank/money-market-account/
Self-Help Federal Credit Union
Minimum Deposit: $500 A.P.Y (Annual Percentage Yield) : 1.42%
https://www.self-helpfcu.org/personal/accounts/savings-money-market-accounts/money-market
Marcus by Goldman Sachs
Minimum Deposit: $100 A.P.Y: 1.66%
https://www.marcus.com/us/en/savings/high-yield-savings
Do you have a Money Market Account? If so, what bank would you recommend?
Happy Saving!
Sincerely,
Miss Diva Dollars
Miss Diva Dollars 