Need to set up a Money Market Account

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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

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Re: Need to set up a Money Market Account

Wolfgang 04-14-2008, 8:11 PM | Post #2508361

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.

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Re: Need to set up a Money Market Account

meyerr 04-15-2008, 5:03 AM | Post #2508460

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