Money Market Account Benefits – 4 Reasons Why You Should Open One

There are so many ways you can utilize your money. You can put your money into a checking accounts and get rewards or earn interest rate on your funds by putting it into a savings account.

Now it is time to introduce you to Money Market Accounts. Another way to diversify your savings and improve your finances! Savings accounts are very similar to Money Market Accounts.

They both earn interest like any other savings, however, Money Market accounts earn high interest and usually require a larger deposit to open. There are many reasons to open a Money Market account, here are four reasons why you should!

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1. Insured and Secured

Good returns. Low Risk. Unlike stocks and other investments, money market accounts carry low risk because they are insured. There is a low chance you will lose your money in the case of the bank failing.

2. Account Benefits

Money Market accounts often come with the benefits that savings and checking accounts receive too! Get access to checks, debit cards, ATMS, and more.

Money market accounts can be used to make taxes easier. When buying a big ticket item like a house, estimate the amount of taxes you may have to pay for it and deposit that much money into your money market account.

Doing this will allow you to earn interest on your funds and easily write a check to IRS when taxes are due!

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3. Easy to Access

You don’t want your money to be stuck in the account with no access to it! Money Market Accounts are liquid assets meaning you can get easy access to your funds that you put in.

Use your money market account as an emergency fund to help pay for anything that may happen from medical accidents or just a fun event that needs some funding!

Savings and Money Market Accounts can have money drawn out, but most banks limit the amount of times you can draw out money. Be sure to not draw money out too many times or be subject to withdrawal fees.

4. Great Interest Rates

Money Market interest rates are typically higher than any checking account interest rate. High interest rates will help you generate money without even doing anything.

In the near future, to your benefit, the Federal bank is expected to raise interest rates. That means that money market yields will grow larger in the future for your money in the Money Market Account!

Author’s Verdict

Money Market accounts are a great way to start saving and earning interest. They are easy to access, secure, and will often give a range of benefits. Think of it as a a piggy bank that is slowly generating money for you. Isn’t that kinda cool?

It is a great way to diversify how your money is being allocated and secure your finances for your future. If you’re interested in opening an account that earns interests, here at Bank Deal Guy, we offer a list of the Best Bank Rates and Savings Accounts for you!

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