Money Markets: Like savings, but better
A money market account looks a lot like a savings account — except that users tend to get a much higher interest rate. Typically, this is in exchange for a fairly high minimum balance (at least $1,000, in most instances, but much higher in others) and slightly less liquidity than a savings account.
If you have a fairly stable amount of savings that you’d like to just let sit and collect interest, a money market is a good option. Most money markets allow you to write several checks per month and draw on the account when need be, which make them a good option if you’re interested in higher returns but still need occasional access to your funds.
Additionally, because most money market accounts offer tiered interest, if you know you’ll be increasing your deposits over time, this can be a smart way to increase your earnings, just by saving.
Find the best interest rates on money markets
This tool updates daily and can be used to find the highest interest rates on money markets from banks around the country: