RateAPY

Managing Your Money Market Account

Posted by: RateAPY Bank Rates News
March 2nd, 2010

You may not think that there is much to manage with your money market account, but that is not true. Like any investment, you need to periodically compare your current situation with what may be available among banks. Your interest rates and services can vary widely between different banks.

Money Market Savings Accounts

You may want to have a checking account or small savings account at a local bank branch near your home. That is reasonable and convenient. But consider shopping for an online savings account, specifically a money market account for any large deposits that you don’t intend to access except in an emergency.

Money Market vs. Traditional Checking or Savings Accounts

Money market accounts offer higher interest rates than a checking account or savings account. Every little bit helps, so be a diligent interest rate shopper. Services can also vary between banks. How many checks you can write and whether or not you are offered a bank card with a visa symbol for purchases are among the choices you can make. Find the combination of interest rate and services that meets your needs.