The Benefits of a Money Market

A lot of people have an ordinary savings account that is barely collecting any interest.  What people often don’t know is that you can make money on your money, in fact, you can make A LOT of money on your money. How can you do this?  Savings accounts like money markets are a perfect example. If you’re not informed on the many benefits of a money market, continue to read below.

Ordinary -  If you have an ordinary bank account at your bank right now, and you’re not even making 1 or 2%, it’s time to change that.  Open up a money market, and it will be the same thing as having a bank account like the one you have now. 

Banks will give you a good interest rate because you’re letting them borrow your money for awhile.  You can keep all your money safe in your bank account, but the catch is that you can only make a few transactions from the account each month.  Although, this won’t be a problem if you have money set aside in your checking account.  It is very easy, and is just like having an ordinary bank account.

Making money - What’s better than making money off your money that is just sitting there?  People underestimate the benefits of a money market, and how much you can really make off of them.  Imagine having a interest rate at 4 or 5% and times that by how much you’ll have in there.  That can be a lot of money made!

Good interest rates - An ordinary bank gives you awful interest rates.  It seems like every month or so you only see a couple dollar difference if that.  Stop getting a bad interest rate, and start getting an excellent one!

Rewarding - If you’re planning on retiring in a few years, the best way to make money is by letting the majority of your money sit in a money market for a few years. You should have one throughout your whole life, but to make even more money before you retire, a money market is perfect, and is very rewarding.  You’re actually making money, and not even working!

As you can see, money markets are very rewarding!  You’ll love when you get one, and will never want to go back to an ordinary savings account.  Just keep in mind all the benefits there are to having a money market, so that way to choose the right kind of account!

Disclaimer:This content is not provided or commissioned by American Express. Opinions expressed here are author's alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.

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