Finding the Best Money Market Account

Banks bid in live auctions for your deposits.

When you compare money market accounts with High-Yield Savings accounts, the first thing you may notice is that there is almost no difference between the two. So why the different names?
Read more below.

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Recent National Live Auction CD Rates
for November 07, 2009

Term National Avg APY* Overnight
Auction APY†
High-Yield Savings Account Rates 0.19% 1.61%
3 Month CD Rates 0.38% 1.17%
9 Month CD Rates 0.88% 1.67%
1 Year CD Rates 0.88% 2.00%
2 Year CD Rates 1.41% 2.35%

More National CD Rates

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*

Source: TheStreet.com

†

Overnight Auction APY is a sample rate for a nightly auction for a $50,000 deposit.

Money Market Account from the Blog

Money Market Rates Dwindle After Fed Rate Cut, Driving Consumers to CDs

December 18, 2008

More news and commentary continues to pour in after the massive Fed rate cut. Check out this article from Bloomberg.Banks offering certificates of deposit... [more]

Money Market Funds Break the Buck

September 18, 2008

Today's Boston Globe has a good article, Money Market Funds Battered, which goes into some detail about how the recent economic activity in this country... [more]

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Some banks limit the number of withdrawals you can make from a money market account, while it's typical behavior of a savings account to not limit the number of withdrawals. Be sure and check with the bank you are opening your High-Yield Savings or money market account with to see if any of these restrictions apply.

Initially, Money Market accounts were designed to stand out from savings accounts with their higher rate of interest. However, since the advent of the Internet and the higher rates offered for savings accounts (through services such as MoneyAisle auctions for High-Yield Savings account rates), the distinction has been muddied. Compare Money Market Account rates with High-Yield Savings account rates and you will frequently find little difference.

At MoneyAisle, you can run live, free auctions to get the best High-Yield Savings account rate within our system for your deposit. It's easy: just register for an account and run a live auction for High-Yield Savings. You'll get similar benefits to the ones you'll get with a Money Market account, with the added knowledge that banks are competing live for your business. If you'd like the see the best High-Yield Savings account rates in our system, you can run a live test-drive auction before you register. At MoneyAisle, when sellers bid, buyers win.

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