GET THE BEST MONEY MARKET INTEREST RATES AT CREDIT UNIONS
One place most people overlook for their financial and banking needs are credit unions. Many credit unions allow members who are residents of the state and you don’t need to be an employee of the company they are associated with. This may not always be the case but it is worth checking into to see if a credit union near you is a better banking option than a bank itself.
Credit unions are often able to give better money market interest rates because they are a not for profit institution. You can get higher interest rates on CD’s, money markets, and savings accounts as well as lower rates for loans and mortgages. Again, this is because credit unions are not for profit like a bank is.
NCUA which stands for the National Credit Union Administration is the government branch which oversees credit unions and insures your deposits. If the credit union you choose is part of NCUA, your money will be insured up to $250,000 through 2013 just like it would be at a bank with FDIC.
With money market interest rates being so low, any improvement over what you can get at a bank is worth looking into. Some credit union interest rates can be a whole 50% better than what you are offered now through a bank which is a signigicant percentage. If you have money put aside that is earning next to nothing, look into the best interest rates offered by some of your local credit unions and you might be tempted to move accounts!