investing

Researching savings rates on Bankrate.com

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 currently is 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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