It seems that everyone is on the lookout for the Money Market Account rates in order to maximize their earnings. This is because more and more people are now working hard in order to save as much money as possible so as to secure their family’s future.
Money market accounts are one of the best places to save money if you want to earn a higher interest. However, like many other things, there are tons of options out there and it is hard to decide which one is best for you. In this article, I will walk you through my five favorites in 2022.
What Are The Benefits Of Money Market Accounts?
Before we start with the list of accounts, let’s understand what a money market account is. It’s a type of savings account that requires you to keep a minimum balance in your account and offers a higher interest rate than traditional savings accounts. Money market accounts usually aren’t insured by the Federal Deposit Insurance Corporation (FDIC) but are often covered by the National Credit Union Administration (NCUA), which is just as good.
There are three major benefits that come with money market accounts:
1. Higher Interest Rates – Money market accounts offer higher interest rates than traditional savings accounts. The median rate for money market accounts currently sits at 0.09%, whereas the average rate for savings accounts is 0.04%. While this may not seem like much, it can add up over time if you have a significant amount of cash in your account, especially when compound interest is taken into consideration.
2. Liquidity – You can withdraw money from your account at any time – even if it means closing out your entire balance. In fact, most banks will allow you to use your debit card and make withdrawals through ATMs as long as you keep enough money in your account to cover them.
3. Minimum Balance – The minimum balance required for these types of accounts is usually quite low – often just $100.
5 Best Money Market Accounts In 2022
1. Best Of Best: Patelco Credit Union
Patelco Credit Union is a popular and reliable credit union that offers a range of financial products and services to its members. The institution has an excellent reputation for being trustworthy and helpful to its customers.
They have an extensive list of products that you can choose from and the rates are great. The best part about them is that they offer the lowest rates on their highest interest rates. If you are looking for a good way to save some extra money, then Patelco Credit Union is definitely one of the best places to start your search.
The first thing to do when looking for a money market account at Patelco Credit Union is to visit their website. Here you will find all of the information that you need to know about their services and how much they charge for their services.
You should also take the time to read through all of their terms and conditions so that you know exactly what you are getting yourself into before signing up with them. This will ensure that you don’t get any surprises later down the road when it comes time to withdraw your funds.
After finding out all of the information that you need, then it’s time to decide if this is a place where you want to open an account with or not.
2. Best for Debit Card Users: Axos Bank
If you are looking for the best money market account, Axos Bank should be your first choice. Why? It is because Axos Bank has a history of offering one of the best rates that can beat most other banks. With Axos Bank, you will enjoy the ease of online banking, no monthly fees, and low minimum balance requirements. Moreover, Axos Bank also offers great customer service.
The bank has more than a decade of experience in the banking industry. As such, it commands one of the best rates for its money market account (MMA).
The Axos Money Market Account is an effective tool for building your savings. It combines a high annual percentage yield (APY) with a solid feature set. For example, this account comes with check-writing privileges and gives you access to an ATM debit card for withdrawals. You can use these features to make purchases or pay bills.
Furthermore, this MMA boasts no monthly maintenance fees and no minimum opening deposit requirements. This gives you the flexibility to open an account with any amount you have on hand or need to save up until you have enough to start.
Additionally, if you have at least $1 in your account at all times, Axos Bank waives the monthly service fee. The bank also reimburses up to $10 per statement period in ATM fees charged by other institutions when you use your debit card to withdraw cash from their machines.
3. Best for High Balances: Prime Alliance Bank
Prime Alliance Bank is one of the best money market accounts that you can try in 2022. Prime Alliance offers up to 1.45% APY and a free debit card. They also offer customers no minimum balance, no monthly service fees, and no overdraft fees. There are also no early withdrawal penalties.
The money market account has a minimum deposit of $1000 and requires you to have a valid US ID or driver’s license to open an account. You can open an account through any bank branch or online.
Prime Alliance Bank offers excellent money market accounts with great features and benefits. In the last few years, the company has been able to deliver exceptional services to its clients. As an investor, you will be able to enjoy a lot of rewards when you invest your money with this company.
When you open an account with Prime Alliance Bank, you will earn a higher rate of return compared to other banks. Compared to other banks, this company pays more interest on your investments.
4. Best for huge Flexibility: Ally Bank
Ally Bank is one of the most well-known online banks. Ally Bank has a high-interest rate on its money market accounts compared with other banks. This bank also offers a competitive interest rate of 0.05%. It is higher than the national average, which is only 0.03%. If you want to open an account at this bank, there are several things you should know first.
Ally Bank offers a high-yield savings account and an IRA money market account, which are two different options that can help you make more money from your savings. Both accounts offer higher interest rates than traditional savings accounts, but there are some differences between them.
The main one is that you can’t earn interest on your IRA money market account until you reach retirement age. This makes it a good option if you want to save for retirement but don’t want to worry about how much money will be available when you get there.
5. Best for Frequent Transactions: Synchrony Bank
Synchrony Bank is one of the best online banks you can find today. With a high-interest rate and a low minimum balance, this savings account is one of the best money market accounts in the country. The bank offers free online and mobile banking, ATM access, and 24/7 customer service. With its many benefits, it’s easy to see why Synchrony Bank has become a popular choice for those looking to save.
The bank is known for high-yield savings accounts and basic checking accounts. But many people do not know that it also has an excellent high-yield money market account. This article will give you an overview of what this kind of account is and its features.
The key features of Synchrony Bank’s Money Market Account: High yield – Annual percentage yield (APY) of 0.40% Minimum balance requirement – $0 Monthly maintenance fee – $0.
Bottom Line
Only time will tell if the above options are indeed the best money market accounts in 2022. But for now, you still have plenty of great options to choose from, so don’t be afraid to compare and look for what’s best for your individual financial situation. Hopefully, this list has helped you find your next money market account.