A money market account is a type of deposit account that can be a great way to increase your savings. Many offer higher interest rates compared to a traditional savings account.
Apart from the high-interest rate, other characteristics to consider are minimum deposit, balance requirements, and fees. With banks and credit unions battling it out to offer the best rates, savers have several options to choose from.
Compare the best money market accounts below.
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.