How to open a money market account: 5 steps to take
Opening a money market account involves just a few simple steps and it can really pay off.
Karen Bennett is a senior consumer banking reporter at Bankrate. Her expertise lies in finding the best savings accounts, checking accounts and CDs, as well as all things personal finance. She’s been a reporter at Bankrate since 2021, and she holds a master’s degree in Journalism and a bachelor’s degree in English.
Karen’s writing experience spans topics including bank accounts, saving money, budgeting, and credit cards, as well as lifestyle and health. She also spent time as a writer of product reviews and a reporter for local newspapers in Chicago, Milwaukee and Washington, D.C. In addition, she worked for over a decade as a writer and product manager for CoolSavings, a website devoted to saving money on groceries, travel and other products.
Karen stays on top of the latest in banking and personal finance. Topics she writes about for Bankrate include how to choose the best high-yield savings account, the latest statistics on checking account fees and ways to protect yourself from bank fraud.
On the personal finance front, Karen has covered topics such as progress for women in banking and the pitfalls of spaving deals (spaving is the act of spending more money to qualify for money-saving promotions).
When she’s not working, Karen enjoys working on her novel, as well as reading, cooking, traveling and spending time with her family.
The pillars of smart money management include having an emergency fund in a high-yield savings account, paying down debt, following a budget and living within your means.
— Karen Bennett
Opening a money market account involves just a few simple steps and it can really pay off.
In 2024, three Federal Reserve rate cuts spurred declining yields on many deposit accounts, although savers were able to benefit from locking in strong yields on certificates of deposit (CDs). While the [...]
You can find a CD account that significantly out-earns the national average if you shop around among banks.
Expect yields to continue trending downward in 2026.
These popular banks are available to speak with customers around-the-clock.
Check out the latest CD rates from Bankrate’s weekly survey of banks and thrifts.
A savings account can be a great tool to teach your child about money. Here are a few of our favorites.
Currently, you can lock in annual percentage yields (APYs) on certificates of deposit (CDs) at and slightly above 4% with many nationally available CDs. Only a select few financial institutions offer promotional [...]