Whether you are saving for those inevitable rainy days or saving to reach your financial goals, a money market account is a great option. The high-interest rate offered on a money market account will help you to increase your funds faster.
Residents of New Mexico have a wide range of money market account options available to them. When choosing an account, look out for a high-interest annual percentage yield (APY). Some banks offer interest rates that are tiered based on the account balance, while others may pay a flat rate.
Apart from the APY, look out for accounts with little to zero maintenance fees. Some banks charge high monthly fees regardless of your account balance, while others waive the fees if you meet certain requirements. Shop around and compare the fees of the different options before making a decision.
Other factors to look out for include low minimum requirements and flexibility in depositing and withdrawing funds. Most banks offer check-writing privileges, unlimited ATM withdrawals, online, and mobile access.
We reviewed some of the best money market accounts in New Mexico. Compare our top picks to 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.