Get a money market account on the internet quickly

If you are dissatisfied with the rate of return on a traditional savings account, you’re in the right place. For a better rate of return, consider a money market account. They have slightly less liquidity than a savings account, however money markets are a safe investment that customers can easily sign up for on the internet. Post resource – Signing up for a money market account online is easy by MoneyBlogNewz.

Money market has accounts and funds

There are two basic variations when it comes to a money market: the money market account (aka the money market savings account) and the money market fund (aka the money market mutual fund). A bank usually is in charge of money market accounts while the FDIC insures it. These accounts are referred to as "electronic savings," "Internet savings" and "High-yield savings" by banks. There are requirements on a money market savings account that are not on a regular savings account. Nevertheless, they both offer liquidity.

Money market mutual funds are quality, short-term investments with some liquidity and interest rates that fluctuate daily. There have not been troubles with money market funds in the past when it comes to safety even though they’re not FDIC insured. Nevertheless, investors should know that if something takes place to the bank they’re invested in, they will not get their money back.

Which money market account will work best for you?

Your financial situation will determine what I best for you. You will have to shop around nevertheless. Between financial institutions, there will be great rates. Check Bankrate.com to compare rates. Watch out for banks that have a really high opening rate. Sometimes they plan to drop it down later.

Some banks give customers free checks and access to electronic funds transfer (EFT) from a money market fund and checking account. The number of monthly transfers might change though. There is typically a limit on this.

If you sign up for a money market account through a brokerage, unlimited check writing, an attached debit card and EFT transfers are common features. Future trades can be paid for by a separate money market account where extra cash is "swept" into. This account will get extra money from trades and investments.

Take a look at the website for your institution

It’s very clear what the procedure is to opening an account after you are at the website for the financial institution of your choice. When applying, you’ll have to get an account agreement form to print, sign and mail in. In case you are also getting checks, make sure you send in a signature card with it. You might nevertheless have questions about it. Call the toll free number most banks make accessible. It could be hard to do any transactions with a bank that makes it too difficult to sign up for a money market account.

Try an EFT

Make sure you sign up with an EFT connection if you are hoping to be able to instantly transfer money in or out of your money market account or money market mutual fund from your checking account.

Articles cited

eHow

ehow.com/how_6624319_open-money-market-account-online.html

Investopedia

investopedia.com/articles/mutualfund/07/money_market_savings.asp

Cathy Pareto, MBA, CFP, on the benefits of money market accounts

youtube.com/watch?v=BH_uiP5UlUE