6-26-10 - OAFCA, known for their free banking information, has just released their latest report on the benefits of high yield Money Market accounts. The report also covers how to open a free checking account.
Many people today are turning to high yield money market accounts to help grow their money and fight inflation, says Mary Thomson, owner of OAFCA. They are much like any other deposit type account that is offered, except unlike traditional savings accounts, money market accounts (MMA) offer the ability to write checks from the account. Typically you will receive a much higher return on your investment in the form of interest than you would with a typical savings account. There are some restrictions that apply to stashing some cash in this type of vehicle.
The report also covers the different restrictions that may come with a high yield money market account.
Usually the types of restrictions that apply to high yield money market accounts are concerned with the amount of money that is kept in the account, says Mary. Most of the restrictions will lay out the amount of money that must be used to make the initial deposit and the amount of money that must stay in the account to avoid fees. There is also a limit to the number of with drawl s that can be made each month as well, although the MMA can be used to write checks from, it is not the primary purpose of the account.
The benefits of a high yield money market account is also covered in the report.
High yield money market accounts are very low risk instruments. They are the perfect place to put some money that you want to have easy access to that you may want to move to a different vehicle sometime in the near future, says Mary. Being able to access your money with out fear of penalty is also important, liquidity is a big plus, especially if you are in a situation where you are unsure whether you may need this money in the near future for a large purchase. They are protected by the FDIC, so safety is really not an issue. This investment vehicle enjoys higher yields than a traditional savings account with just as much protection.
Access the free report to learn more about the high yield money market account and other short term investments.
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