There are several banks in the United States and United Kingdom that offers Money market Accounts as one of the investment products. The money market accounts are similar to normal savings accounts, but they offer higher interest rates as returns.
Some of the features of the this Accounts are:
- They give higher returns when compared to normal savings accounts.
- You have to maintain higher minimum balances in the accounts when compared to the other accounts.
- You will be given only limited withdrawal permissions. Most of the banks would allow only 3 to 6 withdrawals per month.
- These investments would be insured in “Federal Deposit Insurance Corporation”. This means that the amount would be insured and if the bank goes out of the business, your money will be safe.
Money Market Accounts Best Rates 2010:
Some of the latest rates in the year 2010 are listed below. These rates vary periodically and you have to check the latest rates from the bank websites.
- American Express Bank, New York – 1.29%
- Ally Bank – 1.28%
- Everbank – 1.25%
How to find the Best Rates?
As you are investing your hard earned money, you have to find the latest rates from the websites. You have to do some ground work before investing in any particular bank. You have to visit various websites and then compare the highest interest rates offered by various banks. You can get more guidelines regarding investing the money in the accounts from various websites.