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By: Ikedi Ani-okoye

High Interest Money Market Accounts

The first type of account, to come to mind when you are looking to receive high interest on your savings, is a money market account. There are different types of savings accounts, such as checking accounts, certificate of deposit accounts and many others. The problem with these accounts is that they don't you have as much profit, which is where the money market account comes into play with its high interest rates.

The amount of annual percentage yield

The amount of interest that an account makes is seen as APY, which stands for annual percentage yield. This is basically the actual interest you will earn, when all the monthly interest is compounded together. Using annual percentage yield, will give you a better idea about how much you are going to get. When choosing a money market account, you should look at this figure.

Rules and regulations

In order to receive high interest rates, for money market accounts, you have to play by the rules. One of the main rules, is usually a minimum balance, that needs to be put into account. You can also be penalised if your account goes below the limit. You can shop around, and find a money market account which has no limits.

Your limitations

When making transactions, from your money market account, chances are they will be limited. Six transactions a month is usually permitted for this type of account. If you go over the allocated amount of transactions, then you will be charged.