WHERE TO FIND HIGH YIELD MONEY MARKET ACCOUNTS
If you are looking for the best money market interest rates and expect to find ones with a high yield in 2009, you are in for an unpleasant surprise. Right now money market rates pay next to nothing and that is unlikely to change any time in the near future.
The higher your balance, the more a money market account may pay in interest. This tiered system usually goes from $0.00 to $5,000 for the first tier, $5,000 to $10,000 for the second tier, $10,000 to $25,000 for the third tier and so on. Right now though, there may be little to no difference between the tiers in the rates you get as they are so low.
“High yield” is a term open to interpretation. What is considered a high yield right now in 2009 would have been a very low yeild in years past. The best money market rates now are almost not worth looking up because there is really not much encouraging news to report. Of course, you still want to keep your money that is in transition in something that is getting at least some interest so a money market account is better than nothing.
