Which Bank Offers The Best High Yield Money Market Account?

The banking landscape has become ultra-competitive as people look for the best possible deals. One of the best ways to grow your savings while still getting the flexibility and convenience of writing checks or making withdrawals is through a high yield money market account. Because competition between banks is so fierce, many banks are offering excellent deals in exchange for your business and loyalty as a customer.

Shop Around for the Best Deals

There is no single bank which consistently offers the best high yield money market account. Because money market rates can change on a daily basis, the bank which offers the highest rates of the day may not tomorrow. That's why it's important for you to shop around and do your research. There are plenty of websites which display current money market rates and give recommendations and reviews on which bank gives you the best deal on a high yield money market account.

Take Advantage of the Competition

Because you no longer have to make do with the money market rate advertised at your local bank, you can grow your savings even faster by comparing rates online. Small, rural banks, national branches, and even online-only banks are all looking for ways to earn your business. Now is the time to take advantage of this competition and act quickly when you find a high yield money market account.

One of the banks which offers great deals on a high yield money market account is Aurora Bank (Equal Housing Lender, Member FDIC). In addition to offering a competitive rate, they also allow you to write up to six checks per month. You can also link your money market account to other accounts for added overdraft protection. Plus, as long as you keep a minimum of $1000 in your account, you won't pay any monthly fees.

Why Choose a Money Market Account?

Today's money market accounts are hybrid of some the most popular banking products. They give you the ability to write a specified number of checks each month while paying you interest which is comparable to a savings account without the monthly account management fees, so long as you maintain a minimum balance. Plus, unlike certificates of deposit, your money isn’t tied up over a long-term and you won't pay a penalty for early withdrawal.

You should create a savings plan that lets you deposit funds into your money market account regularly. This allows you to grow your savings quickly while earning a competitive interest rate. Plus, like other banking products, your high yield money market account is insured by the FDIC for member banks, which gives you added protection in the rare and unlikely event that the bank should fail. This added security helps you grow your investments while creating a savings plan that works for you.