Whether you are saving towards short-term or long-term financial goals or simply creating an emergency fund, a money market account can help.
Virginia has hundreds of online and traditional banks. These banks offer a wide range of money market accounts for you to choose from. The challenge can be finding the right option for you.
Look for an account with the highest interest rate or annual percentage yield (APY). Also, consider the account fees and go for accounts with zero or low monthly maintenance fees and transactional charges. An account with high charges will chip away at your return.
Also, be on the lookout for restrictions. Some banks may have federal transaction limits on their money market accounts, while others may have their restrictions. Make sure you are aware of any potential restrictions to avoid running into obstacles in the future.
Ease of access to your account is another important factor to consider. If you prefer internet banking convenience, narrow your search on accounts. This will be easier for you to do by having a robust online presence.
We reviewed some of the best money market accounts in Virginia based on their rates, fees, minimum requirements, and other features. Compare our top picks and decide on 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.