Ah, these are good days to have some savings — am I right? Bank bonuses for large deposits in new accounts are getting heftier, APYs on CDs are the highest they’ve been in almost two decades, and everyone that’s anyone is offering generous interest rates on no-fee savings accounts. It seems like everywhere you look, banks are saying, “pick me! pick me!” with high APY offerings in a battle to win our money before savings rates start dropping later this year.
In the midst of all this exciting chatter, there’s one bank product that’s often overlooked: money market accounts (MMA). These accounts boast high APYs like a savings account do, but have versatile withdrawal capabilities like checking accounts do. Though they have some drawbacks, their unique features might make them a good investment for 2024. Here’s why you may want to open an MMA.
