Prime Rate Credit

Money markets are an excellent alternative to often very low return savings accounts, especially, if like me, you are saving for something and want your money to earn a little more in return than a lousy 1 or 2%, which is the typical APR earned on savings accounts held at traditional savings and loan banks.

Money markets are also a great alternative because they are still easily liquidated when they are needed, versus say something like a stock or bond that may not be as easy to extract when you are ready to buy a home or make that big purchase you’ve been saving up for. Some of the services that offer money markets can be found online right now, and are offering as much as 5% returns and even a little higher, depending on the markets.

If you are looking at a savings account of over $5k, you are looking at a fairly decent return on your money with a money market! I would highly suggest looking in to the money market account, it may be well worth your time, especially if you are saving for a year or more, you might just build up a nice tidy sum of interest!