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How Much Interest Will You Earn?

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How much interest will your money market account earn? Use this free calculator to see how your money will grow over time.

Money Market Calculator

Money market accounts typically earn higher interest than traditional savings accounts. This calculator lets you work out how much compound interest you could earn over time.

Try changing your deposit amount and deposit frequency if you want to save faster. You’d be surprised how bumping up your deposits just a bit can have a big effect.

Learn more about money market accounts and why they could be a better choice than regular savings accounts.

What is a Money Market Account?

A money market account (MMA) is a type of bank account that lets you deposit and withdraw money. These accounts are similar to savings accounts, but money market accounts usually offer higher interest rates.

MMAs often come with extra features, like check-writing or a debit card. This lets you access your money more easily. But you’re still limited to 6 withdrawals per month like a regular savings account.

Some banks require a bigger balance or minimum deposit for money market accounts. This depends on the bank. As always, it pays off to shop around before you open an account.

Be sure your money market account is with a bank or credit union that’s insured by the FDIC or NCUA. Even if the bank closes down for good, your money will be safe up to $250,000.

Money Market Account vs. Savings Account

Money Market Account Savings Account
Used For Saving money with easy access to funds Saving money for emergencies and goals
Monthly Fees Varies by bank Varies by bank
Minimum Balance May require higher balance Varies by bank
Restrictions 6 withdrawals per month 6 withdrawals per month
Interest May offer higher interest Varies by bank
Check Writing Sometimes No
Bill pay Sometimes No
ATM/Debit Card Sometimes Not usually (but some come with ATM card)
FDIC Insured Yes Yes

Our in-depth comparison of savings accounts vs money market accounts provides a more detailed break-down.

Who Should Use a Money Market Account?

If you’re looking to open a savings or checking account, be sure to consider money market accounts too. MMAs are a great alternative if you’re looking for:

  • Higher interest rates than a savings or checking accounts
  • Easier access to your money than a savings account
  • Check writing or a debit card
  • Up to 6 withdrawals per month
  • Safe place to keep your money

A money market account is a good place to stash an emergency fund or save for short-term goals. It’s a good alternative to certificates of deposits (CDs) that won’t lock up your money for a long period of time.

CIT Bank

Member FDIC

Discover Bank

Member FDIC

Money Market Account

  • Earn 0.30% APY for balances under $100,000
  • Earn 0.35% APY for balances $100,000 and over
Axos Bank

Member FDIC

High Yield Money Market – 0.25% APY

  • 0.25% APY on all balance tiers
  • No minimum balance requirements
  • No fees to open or maintain account
  • Free Visa debit card
  • Free online bill pay, free limited checks, and free limited online check images
  • FDIC Insured
Compound interest savings calculator – Still unsure if MMAs are a better pick than savings accounts? Utilize our compound savings calculator to see how your money can grow in a savings account.

How to Choose a Money Market Account?

Many banks offer a money market account. Here’s what you should look for in a good MMA before you sign up.

Minimum Balance Requirements
Each bank has a different minimum deposit to open the account. Some banks have a minimum balance required to waive monthly fees. Get to know all these requirements so you don’t get hit with unexpected fees.

Ways to Withdraw Money
Your money should be easily accessible when you need it. Many banks offer ATM access, checks, a debit card, or online transactions.

Keep in mind that MMAs have a limit of 6 withdrawals per month. If you need to make more transactions, a checking account might be a better choice.

Interest Rate
A higher interest rate is a big draw of a money market account. The rate will vary a bit from bank to bank, so take a look at a few different options before you commit to one.

Customer Service
Figure out how easy it will be to contact customer service in case you need support. Online banks won’t have a physical location you can go to. But many will offer support by phone or on their website or app.

FDIC or NCUA Insurance
Always choose a bank or credit union that’s backed by the FDIC or NCUA. These organizations ensure that your deposits are covered up to $250,000.

Bottom Line

A money market account is a great product to safely grow your money. It offers many of the benefits of a savings account with the bonus of more ways to access your money.

With a higher interest rate than a regular savings account, your money can grow faster over time.

As always, make sure to read the fine print and requirements before you open an account. Money market accounts have withdrawal limits, so you can’t use it like a checking account. But they can be a great alternative to savings accounts and CDs.

Donna Tang is the head of purpose and audience at CreditDonkey, a personal finance comparison and reviews website. Write to Donna Tang at donna.tang@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

The post How Much Interest Will You Earn? appeared first on westernridingstables.com.

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