Let’s face it, interest rates on deposits are not very attractive right now. However, when rates do go up, the interest paid on Money Market Accounts will likely go up faster than on Regular Savings Accounts. So, if you have at least $2,500 and think the money will be there a while, opening a Money Market Account might be the right way to go.
High Yield Money Market
We know deposit rates really aren’t very high right now, but the rate is higher for the High Yield Money Market Account. If you have a balance of $50,000 or more, and you plan on parking the money for a while, this account gives you the best chance to earn more interest when rates do finally go up.