Have you considered the best place to keep your excess funds? A Money Market Account gives you both attractive rates and easy access to your money. With money market accounts, you will be able to earn interest on your deposits, often on a tiered basis, thus rewarding you with higher return if you keep higher balances. These accounts typically pay better interest than savings accounts and allow for easier movement of funds. Often, banks will even offer increased rates if you also keep a regular checking account. Your money market can also be linked to your checking account to protect you against potential overdrafts.


With Money Market Accounts you are able to access your funds at a bank branch, an ATM, through internet banking, and most importantly, by check. This is important, as it is what distinguishes Money Market from a typical interest bearing savings account. This access makes it easy to us theses access funds for large purchases, such as appliances, home repairs or even vehicles. Money Markets allow you to access your money without pre arranging it through your bank representative. Additionally, this access becomes convenient if you want to use the account to distribute funds regularly each month, such as recurring payments. While this access is convenient, you are limited to 6 withdrawals per month. If you exceed these, you will be subject to fees and may loss the right to have the money market account.

Money Market Accounts – Make The Right Choice

Money Market Accounts interest rates are typically higher than regular savings rates but lower than certificates of deposit. The Money Market may be a better fit than a certificate of deposit, as you cannot access the funds in the certificate of deposit without paying a penalty. Therefore, if you think you may need to utilize some of the funds, a money market will provide you with a competitive rate, without the access limitations of a certificate of deposit. You can also consider splitting your excess funds between both these types of accounts in order to take advantage of rates and functions.

So, when considering a safe and effective place to deposit your excess funds, remember the benefits of the money market account. These include higher rates than savings accounts, easy access including check writing privileges and no penalties or fees for withdrawal. If this sounds like the right fit, a Money Market is your answer. Remember to check competitor’s rates and ask for the best rate from your bank. Most banks have room to negotiate these, even on Money Market accounts.