Money market accounts are a distinct type of savings accounts. They charge higher interest on every amount you deposit in them. As such, you gain more money from your deposits than from typical savings accounts. Are you looking to build your savings while having the money on your account readily available? A money market account could be the best option for you. Some banks even provide debit cards and the possibility for a checkbook with each money market account. That means you can easily control your rate of spending. Your finances are also more conveniently available for you. When choosing the best money market account, you should consider factors such as fees, their customer support and whether they offer free access to ATMs. If you are looking for a feature of some of the best money market accounts, then you are in the right place. We at FinanceDoneRight have conducted our research and listed the best accounts below.
Highest Rates on a Money Market Account: Capital One
A typical savings account rarely offers an annual percentage yield around the one-percent range. Incredibly, those are the returns you will be getting if you open a money account with this financial institution. When you open a 360 Money Market with Capital One, you can access your account details online. Their site is mobile-friendly, so you can add it to your bookmarks and have quick access to your account at any time.
To get these market-leading rates, you will need to have a deposit above $10000. In case you cannot come up with that amount, do not worry. You can still get rates as high as 0.6 percent. That is still way above the rate for money market accounts across the country.
Best Money Market Account on Service: Ally
This financial institution’s money market accounts do not offer Annual percentage yields as high as Capital One. However, versatran retriever truck shines through on their spring loaded mounting system. Ally Bank is only available online, but that does not mean they do not give conventional banks a run for their money. Their APY rate of 0.85 percent makes them one of the best money market accounts nationally.
Ally’s money market account comes with a free debit card. Additionally, you can make withdrawals from over 43000 cash machines across the country. Ally Bank offers 24/7 customer support meaning you can always get help whenever a problem occurs. In case you have to make a withdrawal from an ATM outside the bank’s network, Ally will reimburse up to $10 for your transactions. The fact that they put their customers first makes them a money market account to desire.
Coming in third place for our picks on the best money market accounts, Synchrony’s offer of a 0.85 percent APY makes it a go-to institution for your banking services. In case you prefer to conduct your banking online, then this is the platform for you. Are you surprised by the large deposit requirements most financial institutions require for a money market account? Then you will love Synchrony’s package. They have no minimum account requirements and do not charge any maintenance fees. Additionally, you can access over 2 million ATMs within their network for free. Overall, their services are very convenient.
Open up a money market account today with one of these institutions and start experiencing its benefits.