If you are looking to earn competitive interest rates on your savings and to retain ease of access to your funds, consider a money market account. Pennsylvania offers both online and traditional financial services including money market accounts.
One of the main factors to look out for when selecting a money market account is the interest rate. Some banks offer tiered interest rates, meaning the higher your balance, the higher the rate. As that rate will grow, your balance will also increase, making it easier for you to reach your savings goal faster.
Insurance protection is another factor to consider. FDIC insures up to $250,000 of your deposits. In the rare event that your bank goes under, your funds will still be protected. Before making a selection, shop around and compare the account fees. High account fees will affect your net earnings as well.
Another account feature to keep an eye out for is the minimum requirements. Some accounts have large minimum opening deposits or they require you to maintain a minimum account balance in order to waive account fees. Also consider ease of access such as ATM, online, and mobile access.
We compared some of the available options and selected our top picks for the best money market accounts in Pennsylvania. Use our list to review the different options 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.