| North Palm Beach, Fla. -- Nov. 26, 2009 (Bankrate.com) -- The average yield for a $10,000 money market account in the United States fell 2 basis points to 1.10 percent on Thursday, according to Bankrate.com's daily Your Best Interest report. A basis point is one-hundredth of a percent.
A $10,000 MMA is an FDIC-insured account that allows you access to the money you have deposited. Withdrawals are limited to six monthly, three of which may be by check. A $10,000 MMA requires a minimum deposit of $10,000. The highest rate on a $10,000 money market account nationally is 2.23 percent, with an annual percentage yield of 2.25 percent. Six months ago, the average yield was 1.39 percent. The yield on a MMA is higher than the rate because the yield takes compounding into account. Of the 14,796 institutions that sell $10,000 money market accounts in the U.S., 10,670 institutions offer daily compounding, 4,058 institutions offer monthly compounding and 14 institutions offer quarterly compounding. For consumers, more-frequent compounding produces a higher total yield. Some $10,000 money market accounts are offered only locally; others are offered nationally. Click here to see the 100 highest yields on a variety of MMAs. To see all of the results of Bankrate.com's surveys, go to www.bankrate.com. The Your Best Interest report is a daily service of Bankrate.com, a financial news and information service based in North Palm Beach, Fla. Bankrate surveys more than 300 financial products from more than 4,800 institutions in all 50 states. |