If you return to the page that offers you the option
of clicking on "100 Highest Yields" and instead chose
"Select rates by state," you'll pick your state, then
the closest metropolitan area, followed by a CD maturity. You'll
then see a list of banks in your area and what rate they're offering
on that particular product.
The research process for money market accounts is quite similar
to researching CDs, but money market funds have a couple of different
elements.
Money market funds
Since money market funds come in two flavors, you have
the option of selecting taxable
or non-taxable.
There are hundreds of money market funds, but many aren't suitable
for most individual investors. We developed criteria to narrow the
selection to funds that are reasonably accessible to the largest
number of investors.
We began with a universe of about 1,400 funds and
eliminated:
| • |
Institutional funds (not available
to individuals). |
| • |
Relationship funds (require some
other account with the institution, such as a brokerage account). |
| • |
Funds requiring a deposit of more
than $10,000 to open. |
The result is that our daily survey is
currently comprised of 121 nontaxable funds and 156
taxable funds.
You'll be able to come to Bankrate.com and see the
following information posted fresh daily for the top 10 taxable
and the top 10 nontaxable money market funds:
| • |
Seven-day effective yield |
| • |
Name of institution |
| • |
Web link |
| • |
Telephone number |
| • |
Symbol |
| • |
Minimum investment |
| • |
Additional investment minimum into
a regular account |
| • |
Minimum IRA investment |
| • |
Additional IRA investment |
| • |
Minimum check dollar amount |
The following information is provided daily but updated
quarterly or annually, depending on the institution.
| • |
Total assets |
| • |
Expense ratio |
| • |
Average maturity |
We think this information will help you research money
market funds and quickly find the right fund for your needs.
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