Online Money Markets

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Money Market Accounts had fallen out of favor a bit in the past few years due to the relatively strong performance of the stock market. Lately, as the stock market has begun to show a lot of volatility, money market accounts have become an investment vehicle of choice for those who are looking for an acceptable rate of return with the safety of FDIC insurance (up to $100,000 in deposits). Ability to Access Funds by Check. Although there will be limits to the number of checks you can write on a monthly basis, your money is quickly accessible--all the while giving you a better than average rate of return when compared to the majority of interest checking accounts and many savings accounts. Comparing Interest Checking, Money Market and CD Accounts Benefit Interest Checking Money Market CD Check Writing Yes Yes--Limited No Fixed Term No No Yes Interest Rates High Higher Highest Hints on Comparing Money Market Accounts H I N T S Check the initial deposit required. If you have a minimal amount to invest, check the initial deposit requirements since they will vary from bank to bank. Minimum balances will affect interest rates. Compare the minimum account balances necessary to achieve the maximum interest rate. Watch out for other fees. Generally there are no fees for maintaining the account, but be sure to compare fees for other services (e.g. writing a large number of checks, wire transfers and ATM withdrawals). Consider Certificates of Deposit. If you are able to tie your funds up for a set time (generally 3 months or more) consider a CD (Certificate of Deposit) which will usually have a higher rate of return.