Shop Around

The best way to get a good interest rate on your money market account is to shop around. Banks compete with one another for deposits, and one of the ways they do that is by offering higher rates on money market accounts. You can start with your own bank, and then compare the interest rate they offer with that offered by other local banks. Watch your local newspaper for money market specials, and be on the lookout for radio and TV ads offering higher rates on money market savings. When the Federal Funds rate set by the government falls, so do money market rates, but shopping around can get you a better deal. In 2010 most money market accounts paid less than 1 percent, but some accounts paid much more than that.

Minimum Balance

Unlike savings accounts, which often do not have a minimum balance requirement, money market accounts tend to have minimum balance requirements in the hundreds, or even thousands, of dollars. If you fall below that minimum balance requirement your account might stop earning interest, and you could also be subject to maintenance fees and other charges. Before you open a money market account you should check the fine print carefully to make sure you can meet the minimum balance requirement.

Tiered Earnings

References

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