How Do You Know If You're Getting a Good Money Market Rate?


Quick Answer

To determine if you are receiving a good money market rate, visit the Bankrate or NerdWallet website and compare the rates offered by numerous financial institutions. Money market rates vary based on initial deposit and minimum balance considerations.

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Full Answer

The Bankrate website lists the national highest money market account rates. Compare these rates from accredited financial institutions to the rates you are receiving. This table allows users to sort by APY, institution, product and introductory rate. Contact information is also available to find out further information. Toggle the switch based on the range of APY and minimum deposit figures. APY represents annual percentage yield, notes the Bank of America website.

Visit the NerdWallet website, and then select a location and initial deposit amount. Filter by the account type to select a money market account. The available table then displays the bank account, account type, minimum balance for APY and the APY rate. Some of the financial institutions offering money market rates include Ally Bank, First Internet Bank of Indiana and Discover. Compare the rates offered by these institutions to your available rates. The bigger the balance in a money market account, the higher the interest rate. Money market accounts allow savers to earn an advertised interest amount in exchange for maintaining a minimum deposit requirement.

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