Financial Information
What is a high yield money market savings account? As many details as possible, thanks!!?
Question : What is a high yield money market savings account? As many details as possible, thanks!!?
I’m considering opening one istead of just a regular bank of america savings account with very high fees.
high yield money market accounts
Best answer:
Answer by adam
it is a savings account that gives you higher interest rates than a normal one. It usually has more limitations than a normal savings account, generaly limiting the number of withdrawls you can take a month without paying an extra penalty or fee. They also often have a higher minimum balance. If you have money that you want to sit in savings, it is a good idea.
They are the same as normal banks with a couple of exceptions. They pay a higher interest rate and they do not have a lot of local branches (normally one main corporate center) so you do all your banking online.
They are FDIC insured, so they are as safe as your local bank.
Good luck