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?
Turns out, there is! You can enjoy a higher savings interest rate with one simple money move: transferring your savings to a money market account.
What Is a Money Market Account?
A money market account is a savings account that usually has a higher 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 higher minimum deposit than a regular savings account. That minimum can range 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. Your money is completely accessible if you run into an emergency – because, hey, that’s what a rainy-day account is all about! – and you’ll be growing it a little faster in the meantime.
How to Set Up Your Money Market Account
- Once you’ve hit that savings sweet spot, you can open a money market account. For example, a $2,500 minimum balance is enough to open our Money Market Plus Account. And if you really have this savings thing down and you have more money to invest, you can make your hard work pay off with even higher rates – like on our Ultimate Money Market or Money Market Maximizer. (Earning potential to the max, just like it sounds!)
- 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.
- Then, the only thing left to do is sit back and watch your money grow. And, if something comes up and you need some extra cash, it’s all yours – and you can even write a limited number of checks each month. There’s no minimum balance requirement and no withdrawal fees.