If you are looking for a secure way to invest your savings and earn a high-interest, a money market account can be a great option. Louisiana offers a wide variety of online and traditional banking services with competitive rates and features.
When choosing a money market account, consider the annual percentage yield (APY). While some banks will offer a flat rate for all balances, others have tiered rates. Tiered rates give you a higher return as your balance increases.
Also, look out for account minimum requirements. Most banks that offer a high APY will also have a high initial minimum deposit and require you to maintain a minimum balance. Such an account may not be ideal for someone who is just beginning their savings journey; you might be better off with an account with no minimum balance required to open.
Accounts that have no monthly service fees or offer to waive account fees, by meeting certain requirements, will help keep your account operating costs down.
Consider the ease of access; look for accounts with a debit card, check-writing capabilities, online or mobile access. To ensure the safety of your money, on the rare occasion that your bank goes under, consider an FDIC insured account.
We reviewed the available options and compiled a list of Louisiana’s best money market accounts. Use our top picks to compare the options and find the most suitable match for your financial needs today.