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How to Get a Higher Interest Rate With a Money Market Account

How to Get a Higher Savings Interest Rate With a Money Market Account

You’re a savvy saver. You plan your monthly budget. You find the best deals. You even have a little something stashed away in an emergency fund. And now that you’ve got that emergency fund, wouldn’t it be nice if there was a way to get a little something extra for it? You were the one hustling to make it happen, after all. 

Turns out, there is. Find out how you can enjoy a higher savings interest rate with one simple money move: opening a money market account.

What Is a Money Market Account?

A money market account is a savings account that usually has a higher savings interest rate compared to a standard savings account. Long story short: higher interest rate = more money in your pocket, and that’s always a good thing.

Money Market Account vs. Savings

To get that higher interest rate, most money market accounts require a bigger minimum deposit than a regular savings account. The minimum can range from $1,000 to $10,000 depending on where you invest. That’s why a money market account is ideal for when you’ve already built a cushion of savings that you want to set aside for a rainy day. It’s a smart move because your money is completely accessible if you ever need it – it just grows a little faster in the meantime!

How to Set Up Your Money Market Account

  1. Once you’ve hit that savings sweet spot, you can open a money market account, like our Money Market Plus Account. As long as you meet the minimum balance requirement ($2,500 if you’re banking with Summit), you’ll be able to start earning at that higher rate – which can be up to three times higher compared to other standard accounts!  
  2. Continue to save, and as you deposit more money into your money market account, you’ll be able to get even higher interest rates. The more you save, the more you earn.
  3. Then, the only thing left to do is sit back and watch your money pile grow. Plus, if something comes up and you need some extra cash, it’s all yours – you can even write a limited number of checks each month. There’s no minimum balance requirement and no withdrawal fees.

Time for a full-blown savings strategy sesh? Schedule an appointment, and we can talk through everything from money market accounts to everyday saving tips.