Whether you need to save towards a short-term goal or build an emergency fund, a money market account can help. It can grow your funds faster as it offers a high-interest rate.
The dozens of banks in Alaska offer a wide range of money market accounts. Whether you prefer online to a traditional brick-and-mortar account, you can find one best suited for your needs.
With such a wide variety to choose from, first, consider the annual average yield (APY). You want your money to do more for you. A high-interest rate will maximize the return from every dollar you invest. The account fees are something else to consider. A money market account that offers a high-interest rate but has high service charges will reduce your earning value.
Other factors to consider are the minimum requirements, ease of access, and any additional features you deem important. Shop around to compare the available options before making a decision.
We reviewed some of the best money market accounts in Alaska, and the following are our top picks. Use our guide to find the most suitable match for your financial needs today.
This is a great money market account which acts like a checking account in some aspects.
It comes with a debit card and check writing privileges but be careful not to go over the monthly limit of 6 transactions. Per transaction above the limit will be expensive, around $10 per transaction.
This money market account comes with a low intial deposit of $100 to open the account and comes with no monthly fees. Interest is compounded daily and paid monthly.
You'll earn the current APY rate regardless the amount you deposit in the account - there is no tiered system.