What are they?
These are restricted savings account, which has some restrictions on minimum balance, withdrawal limit for the exchange of better returns. Do not confuse the Money Market Accounts with funds. Both are different.
Security:
These best money market accounts are generally FDIC insured, which means there is less chance of losing your principal amount.
Restrictions:
You cannot withdraw amounts more than 6 times a month, out of which there should not be more than 3 transactions using check. In case if you do not maintain the minimum balance required, charges will be accumulated.
Money Market Account Rate:
Now we shall see some of the best Money market accounts and their rates. The below mentioned data are the updated data as on 14 June 2010.
Everbank:
The minimum balance required for this account is $1500.
APY: 2.25 %
Offer: This rate is given as a introductory offer for the first $50,000 deposited in the account. The default rate is 1.26%. This is one of the best savings account interest rates available. You can visit the bank for more detailed information.
Flagstar Direct:
APY: 1.06%. If the balance is more than $1,00,000 then the APY would be 1.20%.
The most important benefit with this bank is there is no minimum balance or no charges for opening this account. Apart from that you get free checks and also an debit card to access your account.
Security:
This account is insured by FDIC. This is one of the high interest savings accounts available.
Surf more details online at http://www.bestsavingsaccountrates.net/ and make a clear decision before proceeding to the bank. Check the reliability of the banks before investing. In case if you need more detailed information, you can visit the highest money market rates website.
Balajee Kannan
Happy Investing!!