savings

5 ways to beat puny savings account rates

In the market for a money market account?
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Are you in the market for a money market?

The deal: Most high-yield money market accounts are FDIC-insured, but many high-yield money market accounts include balance minimums and additional requirements to receive higher interest rates.

The risk: Fewer account privileges.

Before you browse for high-yield money market accounts, consider your spending habits. The Federal Reserve Board's Regulation D restricts the number of total withdrawals you can make from your money market account via online banking and telephone banking to six transactions per month.

The reward: Better-than-average earnings.

Some online savings accounts can compare with interest rates on money market accounts that are currently hovering above 1 percent, but the most competitive money markets include additional bonuses. Searching the Bankrate money market account tables, one online bank gives new accounts an introductory rate of 2.25 percent for the first three months; a second money market account includes 2,500 bonus miles on any airline if you deposit more than $500 in the first month.

Use Bankrate's money market account comparison chart to find the best interest rates available.


 

 

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