The best money market rates today pay interest in the top 5% of all deposit accounts. These rates come from online banks. Here’s our list of the top 5. I’ve never been a big saver. And that’s especially when it comes to putting money into an online savings account or money market. During the adult period of my life, where I had disposable income, rates have been terrible. Over the last 18 months, however, rates have steadily been on the rise. And today there’s good reason to put money away in an online money market account. Why should you open a money market account?
Below you’ll find a list of the best money market accounts the internet has to offer. If you think there’s a bank out there that can compete with the offers you see below, feel free to leave a comment and we’ll see if they deserve to be added. Best Money Market Accounts
But I did say it’s a little restrictive. Currently, there is no debit card associated with the account (although they are coming in the future). Also, there is no check writing available (and it will not become available). To access your funds, you can send an electronic transfer to another bank or send a wire transfer. You can also use PeoplePay to send money to anyone with a bank account or PayPal account or request a check through the mail. Six withdrawals are allowed per month and additional withdrawals cost $10.
For that high dollar requirement, you are provided quality account features. UFB offers free mobile deposit, free “myDeposit”, an app that allows you to deposit checks and free postage paid envelops to mail checks if you need to. Also, a free Visa debit card is included, to make your withdrawals or pay for things from your Money Market account.
The excessive transfer fee is $10, cashiers check fee is $10 and the returned deposit fee is $10. EverBank provides you with a debit card that can be used for any purchase or cash withdrawal. EverBank has a wide variety of other deposit products that include the Yield Pledge guarantee. There is a mobile app that allows you to make check deposits and if you live in the Jacksonville area, you can go to a branch if needed.
Cap One will issue a debit card for purchases and withdrawals and provide access to their mobile app. While I personally do not have an account with Cap One 360, my wife does. I have to say the mobile app is far and away the best of any bank. Easy to use, fast, and it allows you to move your money in a variety of ways. Depositing checks with their mobile check deposit feature is also a snap. Minimum deposit to open an account is $1
Discover is straight forward about their fee structure. No ATM fees, no check fees, no account closure fees but there is a $10 monthly maintenance fee for balances of less than $2,500. There’s also a $15 excessive withdrawal fee and a $30 fee for outgoing wire transfers (but nothing to make ACH transfers).
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About UsI am a general Writer and Blogger. I have worked mainly in the corporate financial industry and I used my past experiences in banking to write on financial matters sometimes. Being a past Banker and Financial Adviser, I hold credentials in the field of Business Management. I extend my writing genres to other industries such as health and science.
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