Insurance

Sep 23 2017

Best Money Market Accounts #money #market #companies


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NerdWallet s Best Money Market Accounts of 2017

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When you re looking to grow your savings but have funds easily accessible, your best bet is a good savings account. The top savings accounts offer yields that, although small, beat the going rate. Money market accounts are another possibility; they may provide a little better return or pluses such as a debit card or check-writing ability. Minimum balance requirements, however, are usually higher than with a regular savings account.

If you decide to go with a money market account, it’s important to shop around. Compare factors besides savings rates, such as fees, customer service and access to free ATMs. To help, NerdWallet has researched the best money market accounts:

1. Capital One


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Few financial institutions offer annual percentage yields as high as 1.00%, but that’s what you’ll get with a 360 Money Market fee-free online and mobile account from Capital One.

To get that leading rate, however, you’ll need a balance of $10,000 or more. If you don’t have that much, you’ll have to settle for a rate of 0.6% on balances up to $9,999. Still, that’s head and shoulders above the national average rate on money market accounts.

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2. Ally


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Although not as strong as Capital One’s top rate, the 0.85% APY offered by online-only Ally Bank on all balances is better than most.

Ally’s money market account shines in other ways, too. For one, it comes with a debit card. And you can make free ATM withdrawals at more than 43,000 Allpoint cash machines.

Ally offers live customer care 24/7, and it reimburses up to $10 per statement cycle for fees incurred at ATMs outside the bank’s network.

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3. Synchrony


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Not your typical bank, Synchrony has only one branch location and doesn’t offer checking. Its money market accounts, however, are worth checking out, particularly if you prefer banking online.

Synchrony offers 0.85% APY on its money market account. There’s no minimum balance requirement or monthly maintenance fee.

Synchrony also has a vast free network of more than 2 million Star, NYCE and Plus ATMs. The bank offers a monthly $5 rebate on fees incurred for using cash machines outside the free network.

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4. EverBank


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EverBank offers a traditional savings account with a competitive rate of 0.51%. But its money market account has a generous 1.11% introductory rate for new account holders with amounts up to $250,000. The special rate lasts a year before the standard money market rate of 0.61% kicks in.

You’ll need at least $5,000 to open an account. Online bill pay is free, and there’s no monthly service fee or minimum balance requirement, though if you keep at least a $5,000 balance, EverBank covers all your ATM fees charged by other banks.

5. Santander


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One of NerdWallet’s top money market accounts in 2016, Santander stays on our “best” list.

Santander s current promotion means a $10,000 minimum balance on a new money market account coupled with a new or existing Santander checking account earns an APY up to a stellar 1.20%, depending on where you live. On-sale money market rates are subject to change at any time.

The account earns 0.30% APY on balances below $10,000 and above $5 million.

You can open an account with just $25. A $10 monthly service fee is waived if you also have a Santander checking account or if you have a $10,000 average daily balance in a money market account.

Verified Feb. 3, 2017.

A previous version of this article misstated the types of accounts available at Everbank; the bank now offers a traditional savings account. This article has been corrected.

Want to see what else is out there? Check out our money market tool for more options.

METHODOLOGY

To determine the best accounts, we took a close look at over 60 financial institutions: the largest U.S. banks based on assets, debit card volume, Internet search traffic and other factors; the nation s largest credit unions, based on deposits as well as broad-based membership requirements; and other notable and/or emerging players in the industry.

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