Rhode Island has dozens of banks offering a wide range of money market accounts with competitive rates and features.
A money market account can give your savings a boost with a competitive interest rate. A good account will help you build your savings while providing access to your money whenever you need it. For example, if you are saving for an emergency fund, a high interest-rate will grow your savings faster. Other features such as ATM, mobile, and online access will ease access.
When deciding on a money market account best suited for your needs, consider the annual percentage yield (APY). Other features to consider are ease of access, account fees, minimum requirements, and FDIC insurance. The goal is to find the best combination of high APY, low fees, and requirements.
Choosing an account from such a wide selection can be quite challenging. WalletBrain has made the process easier by doing the groundwork for you.
We reviewed some of the available options and provided our top picks for the best money market accounts in Rhode Island. Use our comprehensive review to find a 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.