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Things to Know About your Money Market Account

It is very common for people to open up a money market account.  This is money that is being saved for the future, and is different from a regular savings account because it has a higher interest rate and there are limited transactions that can be made.  If you’re one of these people that has a money market right now or is thinking about opening one in the future, here are a few things you should know and take into consideration.   

Higher interest rates - Money market accounts are great because they often offer higher interest rates than your typical bank.  Lets say you open up a savings account at your bank near by, most likely they will give you around less than half a percent!  Open up a money market and you can get great rates on your money.  Click this link for some example on what you can get.

Limited transactions- Another difference between a savings account and a money market is that you’re limited to your transactions.  This means you can only withdrawal a certain amount of times from your money market account.  Make sure you find out what this number is before you make the mistake of withdrawing too many times!

No penalties - A money market account is also great because you don’t get penalized for taking out money like you would for a CD.  You are limited transactions, but you CAN withdrawal a certain amount of times per month.

Make money on your money - What’s better than making money on money that is just sitting there?  Collect all the interest you can, and avoid your average savings account.  Even if you’re only making $5 a month, that’s $5 you didn’t have, and $60 extra per year.  Times that by 6 years, you’ve got yourself an extra $720!  See how easy that is?  And that’s only based on $5!

Money market accounts are great, and they’re also a great way to make money on your money.  Once again, you can look at some of the different rates available here, and get a good idea.  Be sure to check them out, figure out how much you could be making and give it a shot.  They are easy to start up, have major benefits and are great for storing money away!

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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