If you are looking for a safe way to maximize the returns on your savings, a money market account could be a great option. Ohio has dozens of banks offering a wide range of money market accounts for you to choose from.
When selecting a money market account, be mindful of the interest rate or annual percentage yield (APY). The higher the APY, the more you will maximize the return on every dollar saved. Apart from the APY, consider the account fees and account minimums. Shop around and compare the available options. Aim to find an account with the best combination of a high APY, low fees, and minimum requirements.
Also, look out for accounts that offer you flexibility in depositing and withdrawing funds. If you are saving towards an emergency fund, consider an account that gives you ATM, online, or mobile access. It is important to determine if your account of choice has restrictions such as transaction limitations within a specific period.
We reviewed some money market accounts in Ohio based on their rates, fee, account minimums, and other features. Compare our top picks to find the best fit for your financial needs.
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.