Money Market Account Rates

Banks bid in live auctions for your deposits.

When you're looking for Money Market account rates, one path you should also consider is opening a High-Yield Savings account, which offers many of the same benefits as a Money Market account.
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Recent National Live Auction CD Rates
for March 18, 2010

Term National Avg APY* Overnight
Auction APY†
High-Yield Savings Account Rates 0.20% 1.50%
3 Month CD Rates 0.29% 1.01%
9 Month CD Rates 0.69% 1.31%
1 Year CD Rates 0.69% 1.71%
2 Year CD Rates 1.16% 2.11%

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 Rates from the Blog

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October 8, 2008

The coverage of MoneyAisle in the media has been arriving at a fast clip, and we have a couple more national videos to share.First, our President and CEO... [more]

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July 21, 2008

Since the early part of this century, the paper check has become an endangered species. Once a staple in every purse, wallet and desk, even so popular... [more]

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  • The New York Times: Do I Hear 4%? On This Site, Banks Bid for Your Cash
  • CNN: Auction money for best rates
  • The Wall Street Journal: Want the Best CD Rates? Hold an Auction.
  • AARP Bulletin: Save a Buck: Find Highest Interest Rates Online
  • Safe CDs, checking accounts for investors scared of stocks
  • O: The Oprah Magazine
  • Boston Globe: Website lets banks bid for customers
  • CNBC: Banks Bid for Your Cash
  • MIT Technology Review
  • Money Magazine
  • Reader's Digest
  • FOX Business: Bidding for Your Money

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How They're Similar

Money Market accounts were initially created to differentiate themselves from savings accounts with higher interest rates. This has changed in the wake of online banking and the higher rates offered for High-Yield Savings accounts (through methods such as MoneyAisle auctions), the distinction has become less clear. If you compare Money Market account rates with High-Yield Savings account rates you won't find much difference.

How They're Different

Some banks will limit the number of withdrawals you can make from a Money Market account, while not limiting the number of monthly withdrawals you can make from a savings account. It's best to double-check with the bank you plan on opening your account with (whether it's a Money Market account or a High-Yield Savings account) to see if any of these conditions apply.

MoneyAisle Auctions

If you're looking for a safe place to keep your money with a high interest rate, you may be interested in the rates you can get by running a High-Yield Savings account auction through MoneyAisle. You'll get the benefit of a Money Market account (the high rates), and you'll get a great rate - banks bid online in a live auction to get you the best rate available in MoneyAisle's system. You then have the option of accepting or declining the winning bid, and you can accomplish the entire auction process in a couple of minutes by just sitting at your computer.

Related Articles:
Finding the Best Money Market Account
Money Market Account Funds
Money Market Mutual Funds
Money Market Accounts and Savings