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By: Ikedi Ani-okoye

Your Money Market Account

If you want to get a higher interest rate on your money, than you would get from a normal bank, you should open a money market account. These accounts are liquid, just like traditional savings accounts. They also allow you the option to write some checks every month. Credit unions, also offer this type of account and they are usually insured for as much as $100,000.

A money market account, can have you earning as much as double the interest you would earn with a normal savings account. To get this type of interest though, you need to put in more money.

If you find a MMA that has even higher interest, you can even make triple the amount you would make with a standard bank money market account. To find an account with high yields, you can search online. There are many different companies competing for your deposit, and because they are online they are usually less expensive.

You may also want to search for large corporations, such as Ford, who give higher interest rates on money market accounts. The only downside to this, is that you are not likely to be insured, so if the company becomes bankrupt that means your money will be lost.

The majority of money market accounts, give options to write out checks when you need to, and transfer some money. The limit is usually six transactions per month. If you make more transactions you are likely to be charged a fee.