How To Find The Best Money Market Rates Available
You have an extra $10,000 sitting in your passbook savings account collecting about .25% in interest. You’ve noticed that your account balance has not dropped below $10,000 and decide you should put it somewhere to actually invest it. You have quite a few options on what to do with your hard-earned savings.
The first question you need to ask yourself is, do you want to invest where there may be a potential loss or do you want a safe and secure method of investment?
- You’ve been listening to the news and watching your 401k plummet beyond anything you imaged, so you decide to stay away from stocks.
- You are a horrible gambler, so being a professional gambler and lottery player is out of the question. Besides, the lottery slips states that playing Powerball is not a form of investing.
- You have one other criteria, you want to be able to add or withdraw from that money whenever you want without a fee or penalty.
So your 401k is garbage, you’re a bad gambler and you want to be able to withdraw money your invest. After reviewing this, you decide that a money market is your best option than your passbook savings account.
You go to the bank you’ve been using your whole life and find out the rates are not nearly as good as you’ve heard about. So you decide to keep looking.
Then your friends tell you about two websites which came highly recommended to them: www.bankrate.com and www.bankaholic.com .
These websites do the work for you. Instead of picking up the phone and calling every bank asking for rate only to get put in touch with a sales person whose only goal is to get you inside the bank, you try these sites.
These two web sites are comparison web sites that are updated daily with new information and updated money market rates. Personally, I’ve been using www.bankaholic.com for the last couple of years.
Simply type in www.bankaholic.com into your browsers address bar and you come to the homepage. From here, click the tab that says, “bank rates” and then you come to another page where you want to click, “money markets and savings accounts”.
From here you will get a drop down which lets you choose the minimum deposit and then decide how you want the results sorted.
Simply look down the list and create a list of 3 or 4 banks that look good to you. Then contact each bank to ask them to answer whatever questions you have. When you narrow the list down to a couple of banks, search for some member reviews to find out what their members like and dislike about the bank’s passbook savings account, savings and checking account promotions, and money market options.
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