Money Market Account Comparisons

If you're ready to take advantage of an option FDIC insured with above average interest rates to save your money, you'll want to take a look at how to open a money market account. These savings accounts are part and control part of the day - in that you are allowed to withdraw money by writing a limited number of checks per month. The bank invests the money you deposit your money market account for you and your money is protected up to the FDIC insured limits.

1. Comparison Shop

Before you run and open a money market account, the first financial institution that you meet, you'll want to take some time comparing prices. "You would not buy the first car or first house you seen, and the choice of investments and savings opportunities is no different. money market accounts are not all alike in various financial institutions, so you'll want to look around for better terms and yields available. You can use websites to make comparisons between several banks and credit unions for you and save time.

2. Choose Features

Curiously, even money market accounts offer a variety of features and modalities to choose from. Decide how often you plan to write checks from your money market account, and then tailor your accounts that you have your minimum requirement for writing checks. Decide how often you need to withdraw money from your account, then narrow your choices to those that allow enough options for withdrawal and without costs per month to meet these needs. If no accounts match exactly how often you think you need these features, choose the best match or accounts with the lowest fees for going over checks or limits on withdrawal.

3. Compare account fees

You always want to choose products that bank charge you the least possible cost for the features you need to keep more of your money. Try to avoid monthly maintenance fees whenever possible. Look for accounts that either did not require a minimum balance to avoid fees or low minimum balance requirement enough that you know you can keep your balance above that amount and avoid the cost of maintenance.

4. Look minimum deposit and minimum balance

How much money do you have available for your initial deposit? This will play a role in the determination of money market accounts are available for you to open because they all have an obligation to meet minimum deposit. Most money market accounts can be opened for between $ 500 and $ 2,500 initially, and many require the same amount for a minimum balance or you will pay penalties or costs of maintenance.

5. Contact banks to meet your needs

Once you've found a few banks that offer money market accounts to meet your needs, call and ask them to send you application forms and complete account details. Sometimes you can open an account online or by mail. If you already have other bank accounts with a specific bank, you can often open a new account on the phone. Some banks offer special advantages for those setting up multiple types of accounts at the same bank, so if you already have a savings account or checking into a particular institution, check to see if you get additional benefits for opening a money market there, as well.