Need to set up a Money Market Account
mindysf
04-14-2008, 1:40 AM | Post #2508125 |
2 Replies
Hi, all. My husband and I have only ever had a standard checking/savings account and would like to set up a higher-yielding money market account in which to park emergency funds and funds for home renovation. We have about $10k to start with. I have heard the Zions Bank in Utah has great rates for money markets, as well as Countrywide (I think) and some others. I'm wondering if anyone has any advice on the best/most reliable institutions for excellent rates, or any general advice regarding money markets. Thanks!
Mindy
Re: Need to set up a Money Market Account
04-14-2008, 8:11 PM | Post #2508361
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I have recently seen some news articles and ads
about federally-insured money market accounts paying up to 6% interest,
provided you meet a very strict set of conditions, such as using the
debit card a minimum number of times (usually 10-12) per month, and
having at least one automatic debit or withdrawal per month. These
accounts only guarantee the high rate for a limited time (9-12 months)
and the high rate applies to only the first $25,000 in the account. Of
course if you don't meet the strict requirements, the account will
revert to a miserable interest rate. Worth a look, if you stay on top
of it, and follow the rules.
Re: Need to set up a Money Market Account
04-15-2008, 5:03 AM | Post #2508460
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You can check bankrate.com for current rates. I frequently find better rates in my local banks and credit unions b/c this is a very competitive area. Credit unions frequently will do very well by you and many of them allow anyone or almost anyone to join. I basically have heard to complaints about some of the big nationwide MM sources like Zions, Ing, etc
Roberta