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!