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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.
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|
|ATM/Debit Card||Sometimes||Not usually (but some come with ATM card)|
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.
Money Market Account
- Earn 0.30% APY for balances under $100,000
- Earn 0.35% APY for balances $100,000 and over
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
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.
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.
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.
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 email@example.com. Follow us on Twitter and Facebook for our latest posts.
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