Money Market Rates: 10 Thing You're Forgetting to Do

Money Market Rates

Determine what you’re saving for and when the funds will be used.

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Be aware of any minimum balance requirements and whether there are potential monthly service fees

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Assess whether the account comes with Federal Deposit Insurance Corp.

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Always make sure your money is within FDIC limits and guidelines

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Open the money market account and make your initial deposit. Consider downloading the bank’s app, if available.

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These accounts are also prone to inflationary risk, and should not be used as the prime source of investment.

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Investors must hold a minimum balance for a specified period of time

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and are limited to the number of transactions allowed.

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Money market accounts are not money market funds, which are like mutual funds.

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