If you want to save towards a specific purpose, such as a down payment on a house or an emergency fund, a money market account can be a great option.
Banks in Massachusetts offer a wide range of both online and traditional money market accounts. With such a wide range, finding the right account for you can be challenging. The main differentiator for these accounts is the interest rate and annual percentage yield (APY). The higher the APY, the faster you will be able to increase your savings.
Depending on your financial needs, aim to find a money market account that is best suited for you. For example, if the safety of your funds is a personal preference, narrow down your search to accounts insured by the FDIC. On the rare occasion that your bank crashes, the FDIC will ensure that you won’t lose your money.
Other factors to consider are the account fees, minimum requirements, and ease of access. Shop around and keep an eye out for accounts with minimal monthly services fees or those with an option to waive the fee. If you meet certain requirements, such as maintaining a minimum daily balance or a minimum account balance, the waiving may be in effect.
We reviewed some of Massachusetts’ best money market accounts based on their rates, fees, minimum requirements, and other features. Use our top picks to compare the accounts and find the most suitable match for you 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.