If you are looking for a place to keep your money while earning interest, a money market account can be a great option.
Vermont has dozens of online and traditional brick-and-mortar banks offering a wide variety of money market accounts to its residents. Choosing an account can be a fairly challenging and time-consuming task, given there is such a wide selection to narrow down to your specific needs.
When deciding on an account, look out for a high annual percentage yield (APY). The higher the APY, the better the monetary results. Also, be aware of account fees and minimums. Some money market accounts require a minimum initial deposit to open an account. There may also be a minimum balance you need to maintain to avoid monthly account charges. Seek an account with a high APY and low minimum requirements.
Other factors to consider are ease of access, FDIC insurance, and transaction limits. Some money market accounts are subject to restrictions on the number of withdrawals within a given period. Make sure you are aware of such restrictions before deciding on an account.
WalletBrain reviewed some of Vermont’s best money market accounts based on their rates, fees, account minimums, and other features. Compare our top recommendations to find the most suitable match for your financial needs 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.