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By: Ikedi Ani-okoye

Your High Interest Money Marketing Account

Getting high interest rates, from your money can be achieved if you open a money market account, instead of a general savings account. There are a number of different accounts you can save with, such as a checking account, certificate of deposit account or one of the many others. The problem with general savings accounts, is that the interest can be extremely low.

The annual percentage yield

An important part of the interest, is the annual percentage yield or APY. This will give you a better estimation, about how much money, you will make in your savings account over the year, rather than monthly. Using this figure, is the best way to get a more accurate reading, about how much your money market account is going to make for you.

Restrictions and rules

A restriction, usually put on a money market account, is the amount of money that you put inside account. This type of account, will usually require you to have a higher minimum balance, in order to achieve the interest rates that have been suggested. If you do have a balanced that drops below the minimum, you may be charged a fee. To find a bank that doesn't charge you can shop around.

Limited transactions

Because of the nature of this bank account, requiring you to keep money inside it, so the interest is made. You are restricted to the amount of monthly transactions that you can make, this is usually no more than six per month.