Best Money Market Accounts (September 2024) Published by Better Business Advice
September 24 2024 - 4:09PM
Business Wire
Better Business Advice has published a review of the best money
market accounts for September 2024, highlighting the CIT Bank
Money Market Account and the financial platform Raisin,
which acts as an intermediary between individuals seeking savings
products and banks and credit unions.
Best Money Market Accounts:
- CIT Bank Money Market Account - annual yield percentage
(APY) over twice the national average with zero monthly fees and
Federal Deposit Insurance Corporation (FDIC) insurance
- Raisin - online platform partnered with numerous banks
and credit unions, allowing users to compare and discover the most
ideal deposit options with stellar interest rates and favorable
terms
A money market account is a type of interest-bearing deposit
account offered by banks and credit unions, designed to provide a
blend of liquidity, safety and modest returns. Similar to savings
accounts, these offer a higher interest rate than standard checking
accounts, but they often require a higher minimum balance to open
and maintain. They typically invest in low-risk, short-term
securities such as Treasury bills and certificates of deposit,
providing stability and security for deposited funds.
Money market accounts may offer check-writing privileges and
easy access to funds, making them suitable for emergency savings or
short-term goals. Additionally, they are often FDIC-insured,
providing protection for deposited funds up to a certain limit,
enhancing their appeal as a safe and reliable savings option.
Better Business Advice recommends CIT Bank and Raisin for money
market accounts. The CIT Bank Money Market Account stands
out because of its competitive APY, FDIC insurance, low minimum
deposit of $100 and zero monthly maintenance fees. In the same
vein, Raisin distinguishes itself as a financial platform
that gives users the opportunity to find their ideal bank, offering
various options to compare terms and rates.
Who typically uses a money market account?
Money market accounts are commonly used by individuals who
prioritize safety, liquidity, and stability in their savings
strategy. Typical users of money market accounts include:
Savers with Emergency Funds: People often use money
market accounts to store their emergency funds due to their easy
access to funds and relatively higher interest rates compared to
standard savings accounts.
Conservative Investors: Those who prefer low-risk
investment options may opt for money market accounts because they
offer a safer alternative to more volatile investments like stocks
or bonds.
Short-Term Savers: Individuals saving for short-term
goals, such as a vacation, down payment on a house or upcoming
major expenses, may utilize money market accounts for their
liquidity and stability.
Retirees: Retirees or those nearing retirement often use
money market accounts as part of their retirement savings strategy
to preserve capital and have easy access to funds when needed.
Businesses: Small businesses or organizations may use
money market accounts to store cash reserves while earning some
interest on their funds.
Is a money market account better than a savings
account?
Determining whether a money market account is preferable to a
savings account hinges on individual financial objectives and
circumstances.
Interest Rates: Money market accounts typically offer
higher interest rates than standard savings accounts, making them
potentially more attractive for maximizing returns on savings.
Liquidity: Both money market accounts and savings
accounts offer easy access to funds, but the former may provide
additional features such as check-writing privileges, making them
slightly more flexible for transactions.
Minimum Balance Requirements: Money market accounts often
require a higher minimum balance to open and maintain compared to
savings accounts. If the minimum balance requirement can be met, a
money market account may offer higher interest rates and additional
features.
Safety: Both money market accounts and savings accounts
offered by reputable banks are usually FDIC-insured up to certain
limits, providing a level of safety for deposited funds.
Fees: Some money market accounts may charge monthly
maintenance fees or require minimum balance fees, while savings
accounts may offer fee-free options. It's essential to consider any
fees associated with both types of accounts.
Get in touch with CIT Bank now for a money market account
with a higher-than-average APY and start growing funds, or
compare money market accounts from various banks and credit
unions at Raisin and discover the most ideal option with a high
interest rate and favorable terms.
For a more thorough review of the CIT Bank Money Market Account
and Raisin’s platform, please visit the Better Business Advice
website.
About Better Business Advice: Better Business Advice is a
business advice website dedicated to helping businesses succeed. As
an affiliate, Better Business Advice may earn commissions from
services mentioned in the links provided. Better Business Advice
aims to provide accurate and up-to-date information to assist with
research. Double-check with the service provider/institution
directly as well as obtain independent financial advice prior to
making any financial commitments or business decisions. The
information provided by Better Business Advice does not, and is not
intended to, constitute legal advice; instead, all information,
content, and materials are for general informational purposes
only.
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Andrew Mathews (andrew@betterbusinessadvice.com)