There are several money saving schemes that one could opt for and out of all of them the best is the money market savings rates. This is an FDIC insured saving account which fetches a very competitive rate for the person who opts for it. Therefore the rates for savings in money market gets you the benefit of easy access to your funds and also a better rate of interest.

Features:

The interest that you will get on these type of savings rates is compounded daily and then paid monthly into the account. The account can be opened for as less as $100 and in order to not apply maintenance charges to it one must maintain an average balance per month of$2500. These savings rates can range from 1.69% to APY of 1.7% to even as high as 2.27%. This can vary based on the state that you reside in. The money market savings rates in US take into account the monthly maintenance which is as low as $10 which is waived off if a balance of $2500 or more is maintained on a daily basis.

Returns:

These type of savings accounts fetch you a far higher deal in the rate of investments and interest. The annual APY is about 2% and above. The yield that you can get is a far higher one when compared to mutual funds and stock exchanges. There are some banks that even offer a reward as a bonus for the first few months after opening an account. The monthly balances required to maintain the rates are far lower too.