High Yield Savings with Money Market

Investment is an art and it takes knowledge and experience before you start making money. There are situations when you just can't take the risk and lose your savings. This might be your kids' college money or a rainy day fund. There is a solution for those who want their money work and make safe investments.
Banks do not actually offer you to open a High Yield account. They'd be better off if you had a non-interest-bearing checking account.

They only offer savings accounts to valued customers (those who: maintain other relationships with the bank; deposit a round sum of money; keep the high balance over a long period of time; make minimum transactions).
Online money market savings account works just like the saving account banks offer. The difference between these types is in the yield they offer. If the bank pays 1%, money market pays 4%. If the banks have requirements, money market doesn't. Online High Yield saving accounts are designed for people who start saving with small deposits. Unlike bank accounts, online accounts don't require five figured deposits.

When looking for a High Yield Savings account online, pay attention to the following:

• APY - the higher the better, make certain the promised rates are general, not introductory.
• The account should communicate with your brick-and-mortar bank account. You might need that in case of an emergency. Some accounts allow withdrawing money 3 to 6 times per month. These transactions should be fee free. Pay attention to the number of days it takes to transfer money to your other accounts.
• Look for absolutely fee free deals. Those are most competitive offers.
• Security is important - make sure your savings are secured.

Before making your final decision read the fine print. Use ApplyFast.com as you personal money market guide to find and compare best deals on the market.

Related Tips