Money Market Accounts (MMA)
A money market account is a low-risk investment account that pays high interest in the fluctuating money markets. However, the interest is higher than the standard saving account but has certain restrictions regarding the transaction limit. You can make a maximum of six transactions every month encompassing withdrawals or deposits using the draft, debit card, check, or electronic transfer.
Both the banks and credit unions offer money market accounts. The Federal Deposit Insurance Corporation (FDIC) insures the bank money market accounts and the National Credit Union Administration (NCUA) insures that of the credit union.
Here is a list of top 7 money market accounts with a host of benefits for account holders:
Barclays
Minimum Deposit: No Minimum Requirement
APY: 1.85%
USP: Excellent API on low balances
The bank offers one of the best money market accounts with strong incentives and high interest to help you make a safe and rewarding investment. However, the only drawback is that there are no branches, no ATM facility, and no mobile application functionality but then when it comes to investment what can be a better option than this.
United Bank
Minimum Deposit: $500
APY: 1.95%
USP: Enticing rate if interest
United Bank offers an account with a minimum deposit of $500, but for this low deposit, you need to pay high if you use the account unwisely. You need to maintain a daily balance of $2,500, and if in case you fail to do so, you will have to pay the non-maintenance charge of $15. However, there is another option with a low deposit amount, but then it does not offer a good APY. ATM facility is there, and you can use the card effectively across 55,000 locations of Allpoint ATMs.
Synchrony
Minimum Deposit: No Minimum Requirement
APY: 1.85%
USP: Excellent API on low balances
Synchrony offers the best saving rate and host of benefits and perks with no minimum deposit. It comes with an ATM card with no restrictions and free for use on any ATM outlets. If in case any ATM operators deduct a transaction charge, Synchrony reimburses the same to a maximum of $5 every month.
Virtual Bank
Minimum Deposit: No Minimum Requirement
APY: 2.01%
USP: Highest yet the best rate of interest for one year
Virtual Bank has the highest interest rate with no minimum balance requirement. However, maintenance of $100 balance is required to save on the monthly service fee of $5. It offers an ACH option, and a friendly mobile application for easy transfer of money in and out of the account and easy access to funds whenever required.
BankPurely
Minimum Deposit: $25,000
APY: 2.00%
USP: High rate of interest
BankPurely is a division of Flushing Bank with a minimum requirement of $25,000 to earn the high rate of interest and make a safe investment. The account provides an ATM card accessible at all Allpoint Network. However, there is a limitation of six transfers every month and $1,000 withdrawal per business day.
Capital One
Minimum Deposit: No Minimum Requirement
APY: 1.75%
USP: Excellent API on low balances
Capital One offers a top interest rate and a minimum balance requirement of $10,000. However, the bank does not charge any non-maintenance fee for low balance but certainly reduces the APY to 0.85%. You tend to enjoy the high-interest rate of 1.75% only if you maintain the $10,000 or more in your account. The account comes with an ATM card with an unlimited number of withdrawals from an ATM but only six transfers a month and $1,000 per business day. If in case you extend the number of transfers more than three times in a year, the bank closes the account without any intimation.
Discover
Minimum Deposit: No $2,500
APY: 1.60%
USP: Competitive rate of interest
Discover’s money market account comes with an impressive rate of interest of 1.60%. However, this APY is valid is you maintain a balance below $ 100,000 and if the balance goes beyond that, you tend to enjoy an even higher rate with an APY of 1.65%. It comes with an ATM card accessible at more than 60,000 ATMs in its network. You also have the facility of writing checks and debit card purchasing, but then the transactions are limited to six times every month.
Note: USP – Unique Selling Proposition
