Top Money Market Rates for 2024
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Money market accounts are a dependable option for individuals looking for considerable interest while minimizing risk. If you’re unaware, these accounts, which are available from a variety of financial institutions, offer higher interest rates by investing funds in low-risk, short-term debt-based assets.
Most banks place rules on these accounts, such as minimum balance requirements or withdrawal limits. In exchange, savers earn higher interest rates than regular savings accounts.
Here are seven great offerings for the best money market rates in 2024.
Investor eAccess:
Investors Bank’s eAccess Money Market account stands out for its remarkable 2.5 percent annual interest rate and no minimum deposit requirement. Daily compounding promotes money development, but the account lacks check-writing, ATM card, and wire transfer capabilities.
UFB Direct:
UFB Direct provides a competitive yearly percentage yield of 2.45 percent, as well as debit card and check-writing capabilities. To avoid costs, you must have a daily balance of $25,000 or more.
State Farm:
State Farm’s online money market account offers a 2.25 percent annual interest rate and requires a $1,000 initial investment. ATM access and refund for ATM fees via direct deposit make it an appealing alternative, but act quickly because this offer is limited.
Sallie Mae:
Sallie Mae, which specializes on school finance, offers a 2.2 percent annual interest rate with no minimum balance or fees. However, outward transactions are limited to six per month, and customer service is only available by phone or online.
TIAA:
TIAA, formerly known as EverBank, guarantees competitive rates under its “Yield Pledge” policy. The current deal is for 2.15 percent annual percentage yield with a $5,000 minimum deposit, but rates may change after the introductory time.
Wells Fargo:
Wells Fargo’s promotional offer of 2.05 percent annual rate needs a $25,000 initial deposit and expires after one year. Post-promotional rates are much lower, making it perfect for short-term deposits.
Capital One:
With a $10,000 minimum balance, Capital One offers a reasonable two percent annual interest rate. However, assets under $10,000 yield a reduced interest rate, and physical branch access is limited.
Before creating a money market account, review the terms and conditions, as fees may apply for failing to fulfill minimum balance requirements or exceeding transaction limitations. While these accounts are ideal for medium-term savings, alternative investment options should be considered for longer time horizons.
Senior Writer • Business and Information Trends Writer
Lucas writes long-form, investigative articles that explore the deeper implications of business and information advancements.
