ARE MONEY MARKET ACCOUNTS ONLY FOR THE RICH?
Money market accounts and money market rates are not things you hear talked about around town every day. In this society of high credit card debt, it is unfortunate that so many people don’t have a dime to invest. The fact is, not too many people care about what the best money market interest rates are because not too many people have those type of accounts. But the question is, do only rich people have money market accounts?
It is true that if you have little to no savings that you will probably have no need for a money market account. However, if you do have money and need a quick place to store it, you will be interested in keeping the interest rates high. Anyone who buys a house need to move money around from maybe a sale of a house or getting ready to make a down payment. For this purpose you might keep your money in a liquid money market account rather than checking because you will earn at least some interest.
Anyone who has money that needs to get from one place to another might have use for a money market account. As a place to store money for the short term and earn some interest, a money market account is the best place to put it. That is basically what they are used for by most people.
The best money market rates are of interest to anyone who has money. The government takes more than enough away from us in taxes and earning interest on our money is important. The answer to the question is that money market accounts are for everyone and once you save up some money you just might have need for one.
