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If you have been thinking of using money market savings accounts for a while now, it is important that you know what these accounts actually are and how they will benefit you. It is true that these are considered to be high interest savings accounts but at the same time there are certain points that might make you see them in a different light. Let us see here whether these accounts are something that you need to consider to build up your funds.
First of all, we need to see what these are. These are deposit savings accounts with a higher rate of interest than usual bank accounts. One of the most important advantages of having such an account is that the notice period for withdrawal is very short if it is present. Also, the money that is deposited in these accounts is protected by the regulations of the National Credit Union Administration (NCUA), which means that even if the financial institution shuts down operations, the money deposited in it is not forfeited.
So, there are advantages and it might seem it quite worthwhile to have one of these money market savings accounts for your needs. The two main aspects of any savings account – high interest rates and low withdrawal periods – both apply to savings accounts, making them seem good options. But then, there should be some catch somewhere, right? The truth is that there are certain things you have to know.
1. One of the first things that you have to remember here is that there might be a maximum number of withdrawals that you can make from the account. There are options that will allow you to dip into the account as many times as you need to withdraw money, but then there are also accounts with a maximum limit on them.
That could be a dampener for a running business if you are depending solely on this account for your transactions.
2. Though most of these accounts consider your deposit applicable for interest even if it is as low as $1, there are accounts that will need you to have some minimum balance in the account each month. This can again be a problem if you are strapped for cash, especially in the initial stages of a business, for example. The accounts that have a requirement of a minimum deposit per month will not give any interest for the month that the requirement is not met. So, even if there is a high rate of interest attached with the account, it might not work if there is this requirement to be met.
3. These options are also subject to fees like any normal savings accounts are. There are free accounts out there too, which do not impose any fees on the account apart from their normal account handling charges, but some accounts might charge more beyond a particular number of withdrawals or even penalize the accountholder for not maintaining the minimum balance.
But you must remember that these points do not apply to all. So what you really need to do is to read the fine print so that you clearly understand all the points that apply.
Certificate of deposits are some of the safest ways to invest your money for the future. They are federally insured to $250,000 by the National Credit Union Administration, and backed by the full faith and credit of the U.S. Government. Unless you invest more than this, there is no risk that you will lose any of the money that you have invested. Unfortunately, certificate of deposits also do not offer a very high return in comparison to other types of investments. This is the downside of having a guaranteed interest rate earned. It is still possible to earn a fairly high return, however. In order to make sure that you are getting the best CD rates possible, it is necessary to shop around. While you can certainly check with the Credit Unions by calling them up in order to find out what their rates are, it is much simpler to find the information that you are looking for through the use of the internet.
Certificate of deposits are deposits that you can make with a Credit Union as a form of investment. This is considered to be one of the safest types of investments that you can make because of the fact that the interest that you will earn off of the deposit is guaranteed. The compromise is that you will not have access to the money in the certificate of deposit for a specific period of time, at least not without facing a penalty. In most cases, this will be a reduction or elimination of the interest that you would have earned from the CD. The date that you have access to the funds once again is referred to as the maturity date. Typically speaking, the longer the maturity, the more interest you will earn. Generally speaking, the best CD rates are offered by the CD with the longest maturity, although there are many exceptions to this rule.
Because of the fact that a certificate of deposit gives the Credit Union full access to the funds for lending until the maturity date, the Union is able to earn more interest off of the deposit than in the case of a deposit in a savings account. Because of this, the Credit Union can pass on extra interest to the investor. For this reason, a certificate of deposit typically offers a higher interest rate to the investor than a savings account.
In order to find the best CD rates available, an investor will typically have the most success if they look for CDs with long maturity periods, and if they focus on online Credit Unions. The longer the maturity period, the more time the Credit Union has to earn interest on the funds.
At Oak Trust, you can invest in a CD with as little as $500 and for time periods ranging from 6 months to 5 years. You will not only earn a competitive yield, but you’ll also be guaranteed safety as there’s no risk in reaching your savings goals.