There are so many ways you can utilize your money. You can put your money into a checking accounts and get rewards or earn interest rate on your funds by putting it into a savings account. Now it is time to introduce you to Money Market Accounts. Another way to diversify your savings and improve your finances! Savings accounts are very similar to Money Market Accounts. They both earn interest like any other savings, however, Money Market accounts earn high interest and usually require a larger deposit to open. There are many reasons to open a Money Market account, here are four reasons why you should!
Editor’s Note: If you’re interested in any types of credit cards, you should view our full list of the Best Credit Cards. These savings accounts are great, but we also offer the Best Bank Deals for you to look at too!
|With the CIT Bank Money Market Account, you can enjoy:
-Earn 1.85% APY on your funds
-One of the nation's top rates — over 16x the national average.
-Get up to 6 digital transfers/withdrawals per statement cycle
-Save smart and get more for your money
-Higher rates than traditional banks
-Get 24/7 Account Access
-Secure banking features
-Open with as little as $100
Table of Contents
1. Insured and Secured
Good returns. Low Risk. Unlike stocks and other investments, money market accounts carry low risk because they are insured. There is a low chance you will lose your money in the case of the bank failing.
2. Account Benefits
Money Market accounts often come with the benefits that savings and checking accounts receive too! Get access to checks, debit cards, ATMS, and more.
Money market accounts can be used to make taxes easier. When buying a big ticket item like a house, estimate the amount of taxes you may have to pay for it and deposit that much money into your money market account. Doing this will allow you to earn interest on your funds and easily write a check to IRS when taxes are due!
3. Easy to Access
You don’t want your money to be stuck in the account with no access to it! Money Market Accounts are liquid assets meaning you can get easy access to your funds that you put in. Use your money market account as an emergency fund to help pay for anything that may happen from medical accidents or just a fun event that needs some funding! Savings and Money Market Accounts can have money drawn out, but most banks limit the amount of times you can draw out money. Be sure to not draw money out too many times or be subject to withdrawal fees.
4. Great Interest Rates
Money Market interest rates are typically higher than any checking account interest rate. High interest rates will help you generate money without even doing anything. In the near future, to your benefit, the Federal bank is expected to raise interest rates. That means that money market yields will grow larger in the future for your money in the Money Market Account!
|-Available nationwide online
-Earn high yields with flexible access to your cash.
-Earn 1.80% APY balances $100,000 and over
-Earn 1.75% APY balances under $100,000
-Open with as little as $2,500.
-No hidden fees. No surprises.
-Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs
-Get started and open a Discover Money Market Account in 3 easy steps.
Money Market accounts are a great way to start saving and earning interest. They are easy to access, secure, and will often give a range of benefits. Think of it as a a piggy bank that is slowly generating money for you. Isn’t that kinda cool? It is a great way to diversify how your money is being allocated and secure your finances for your future. If you’re interested in opening an account that earns interests, here at Bank Deal Guy, we offer a list of the Best Bank Rates and Savings Accounts for you!