One way to get more out of your money is to invest it in a money market account. It maximizes the returns you get from every dollar invested. Whether you are saving towards a college fund, putting a down payment on a house, or building an emergency fund, a money market account will help you reach your goals much faster.
Arizona has hundreds of banks offering a wide range of money market accounts. How do you find the best choice for you? The most obvious choice would be an account with a high annual percentage yield (APY). But, before you decide on an account solely based on the APY, ask yourself these questions. What are their charges? What is the minimum balance you need to maintain? How easy is it to access your funds when you need them?
It will make little sense to select an account with limited access if you are building an emergency fund. The goal of an emergency fund is to have funds to cater for an unexpected expense. Ease of access is important, and it would make more sense to go for an account that offers a debit card and unlimited withdrawals. Shop around and compare the available choices to find the best match for your financial needs.
We reviewed some of the top money market accounts in Arizona. We compared their rates and features. Use our top picks to make the decision that suits you best.
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.