Also referred to as MMA’s, the top money market accounts are considered a much lower-risk investment option if you would like to build an emergency fund and store extra money. These tend to offer the best interest rates when it comes to saving money and even offer better rates than that of your savings account.
Sounds pretty good, doesn’t it? Having a savings account is already a savvy plan and great investment for the future. The best way to obtain the best money market account is by using online tools. It not only saves you money but assists you with an easy to use set-up when opening your account. It also advises you on your current balance and helps you with a range of choices to compare which are best for you.
Like any other account, there are still interest rates to be considered. This has been the case for all types of accounts globally, especially in the last decades. This is normal and needs to be added in order for the bank to collect money as well.
According to research, MMA’s interest rates have dropped to 0.52% at the start of 2012 to as little as 0.12% in 2018.
The very best money market accounts range between 1% or less APY. This is regardless of any deposit.
The Best in 2018
With a range of competitive options, Money Market accounts don’t disappoint. The best of the best include the following.
#1: Ally Bank MMA
Listed as number one, the Ally MMA is the perfect option for you. It includes a combination of both high-interest rates, to your advantage, and an easily understandable disclosure set up. It also includes a lot of benefits. With a 1% APY and no maintenance fees, Ally Money Market Accounts tends to impress. One negative factor may be that there is a limit of six withdrawals a month, but this is the same as with any Money Market account. ALLY does, however, allow unlimited ATM withdrawals. Benefits include competitive interest rates, check writing, 24/7 online access and mobile check deposits.
#2 Sallie Mae MMA
As another best, Sallie Mae Money Market accounts are some of the most preferred MMA’s. With an interest rate of 1.5 % APY, this MMA might seem questionable to some but makes up for it in benefits. One such benefit includes that there is no deposit to be made, nor monthly fees to disrupt the balance of your account. In addition, they also offer a range of perks and services, all of which includes check deposits, check writing, competitive interest rates, a convenient mobile check deposit feature, as well as 24/7 online access. The only negative feature might be that there are no ATM withdrawals which might put some people off from Sallie but nevertheless, it’s still a good MMA.