With savings, checking and credit accounts under one roof, it's easier to transfer funds (free of fees) between accounts. There could be an advantage, however, to having a savings account at a bank where you already have a checking account and lines of credit. For example, having multiple savings accounts could be a useful way to divide up your accounts based on your financial goals - you can open one account to save up for college and another one for a home. While savings accounts are more widely available than money market accounts, choosing between them does not need to be an either-or situation. If you're looking for higher rates, you might be better off opening an account with an FDIC-insured online-only bank. And national banks such as Wells Fargo, Chase and Bank of America aren't offering good interest rates on either their savings accounts or their money market accounts.
MMAs are offered primarily by banks and credit unions of all sizes. That noted, several online-only banks, including Bask and SoFi, are offering savings account APYs that are higher than money market accounts on this list (2.20% and 2.00%, respectively). A money market account is a type of deposit account that pays interest on deposits and allows withdrawals with some restrictions. (An APY - which is the rate of return earned on an investment, including compound interest - is effectively your interest rate for the year.) For either account, anything beyond 1.00% is considered a robust interest rate. Savings accounts and money market accounts are currently offering around the same APYs. Should I open a savings account or a money market account? Here are the best money market accounts available today - but first, some important notes about insurance and withdrawal limits for money market accounts. They're also particularly attractive now that annual percentage yields, or APYs, are starting to rise as a result of the Federal Reserve's recent interest rate hikes.Īs a general rule of thumb, anything over a 1% APY for a money market account is considered a good rate. If neither of these requirements are an issue, a money market account can offer a safe way to grow your savings, while still offering access to your cash. You can typically earn more interest with a money market account than with a traditional savings account, but money market accounts often require higher initial deposits or minimum balances. Because money market accounts offer competitive interest rates, they can be a good way to save up, especially if you think you might need to pull from the account on occasion. But unlike a traditional savings account, money market accounts typically offer checking account features, including access to your cash through debit card withdrawals and physical checks. Product availability may vary by Northwest Bank location.A money market account is a type of savings account that earns you interest. Refer to separate Fee Schedule for fees that apply to other services. All debit transaction types will be subject to the 6 debit transactions per statement cycle, including in-person debit transactions completed at any Northwest Bank location. Each debit transaction you complete during your statement cycle that exceeds 6 will be assessed a $5.00 fee. Limited to 6 debit transactions per statement cycle.Terms and conditions and offers are subject to change at any time. The offers presented here are not offers to lend normal underwriting criteria apply. The credit score found in the credit report may be different than the credit score you see here. Loan rates and approvals are based on information provided to the bank when you apply for a loan. It is generally not used for loan approval purposes or for determining loan rates. The credit score provided is intended to help you understand the factors that affect your credit score, and ways you may be able to save money with Northwest Bank loan products.Limited to 6 debit transactions per statement cycle 2.Minimum daily balance of $1,000 is maintained in this account.Total Relationship Balance of $15,000 or more in loans, deposits or a combination with Northwest Bank or.Low $7.50 Monthly Maintenance Fee waived when.$1,000 minimum initial deposit to open an account.The Money Market Account offers a competitive variable interest rate.