Which bank provides the best Money Market Accounts?
19. May, 2010 
1 Comment
I’m looking into opening a Money Market Account. I hear they have good interest rates and they’re FDIC insured, and its pretty easy to take money from and deposit into the account.
I saw that Nationwide has 3.52% APY on their Money Market Accounts right now. But I heard people complain about Nationwide’s ACH system. What exactly is the ACH system, and why does it matter?
Which bank should I go with for a money market account? Which one has the best service and interest rates? Should I just go with Nationwide?
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ACH stands for Automated Clearing House. It’s a way to transfer money between financial institutions. Basically, you give a bank, say Nationwide, your checking account number from another bank. You can then transfer money between your bank and Nationwide.
Now, for you question on which bank. If you go to Bankrate.com, you can get current interest rates for money market and savings accounts. The banks move up and down the list constantly, so picking the one at the top one week will not be the same one the next week.
One’s I’ve tried:
Emigrantdirect.com (did not like their account closing terms, you lost accumulated interest if you closed in the middle of the month)
ING (did not like – interest rates were competitive in the beginning, now they lag)
GMACBank.com (like – decent interest rates and easy to use)
eloan.com (like – decent interest rates and easy to use)
I would try Nationwide, it’s easy to close if you do not like it.