Diversify Your Coins Series: “Invest” by Starting a Money Market Account

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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?

  1. You want to your funds to get a higher return but also have the flexible to access your funds in case of an emergency.
  2. 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).
  3. 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

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