by 
The Curious Bag
-
According to a survey by Forrester Research in 2006, 30 percent of American households have $10,000 sitting in a bank account, making little to no interest. One way to increase the overall amounts of interest received is through high-yield money market accounts.
Features
A high-yield money market account is a type of savings account that offers above-average interest rates in comparison with traditional money market accounts.
Safety
All high-yield money market accounts have the highest levels of safety offered, with $100,000 FDIC protection.
Access
There are three ways that most financial institutions let people have access to their money: through checks, online transfers and ATM/debit cards.
Online
Some online banks place limitations as to how and in what ways depositors may access their cash. These include limited options for accessing money (such as not offering ATM or check-writing access). However, some of these accounts offer higher interest rates in comparison with other high-yield money market accounts.
Considerations
The fees for high-yield money market accounts and the minimum account balances vary from bank to bank.
Source:
RELATED QUESTIONS
Copyright 2023, Wired Ivy, LLC