How to Find the Best Money Market Mutual Funds
4 min read
Investing in Money Market Mutual Funds is a great way to diversify your investment portfolio. These funds provide the best returns in the shortest amount of time, making them an ideal choice for investors. However, there are several factors to keep in mind when choosing the right money market fund.
Discover Bank
Unlike traditional savings accounts, money market accounts typically offer higher interest rates. They’re also completely safe. You can withdraw your money with a linked debit card. Some banks may charge fees for withdrawals, but Discover doesn’t.
You can open a Discover Bank money market account online, and it is federally insured up to $250,000 per depositor. It also offers a 2.95% APY. It is possible to get a higher rate than the market average, but you’ll need a minimum balance.
Discover’s online savings account is similar to a money market, but it has a higher APY. It also allows you to make pre-authorized withdrawals online. It does not allow you to write checks.
You can also check out the Discover IRA CD, which is a high-yield CD with an APY of 3.00%. It’s worth checking out, but you’ll need to put up a big initial deposit.
Ally Bank
Investing in Ally Bank Money Market Mutual Funds is a great way to earn interest on your cash. There are no minimum balance requirements, no monthly service fee, and no commissions for stocks. These accounts are ideal for saving for a home or other large expenses, without the risk of losing value.
Ally Bank is an FDIC-insured institution up to $250k per depositor. You can open a money market account online, and you can deposit checks by mail or in person at a branch. There is also an ATM fee reimbursement of up to $10 per month.
The Ally Bank Money Market Account is part of the Allpoint ATM network. You can also withdraw money at an Allpoint ATM for free. You can earn interest on your cash each day.
Navy Federal Credit Union
Founded in 1933, Navy Federal Credit Union is a nonprofit financial cooperative that serves members of the United States and Department of Defense. This includes active duty, retired military personnel, DoD contractors, and family members of servicemembers.
The Navy Federal Credit Union offers a wide variety of banking products. They include mortgages, credit cards, home equity lines of credit, certificates of deposit, and savings accounts. They also offer online and mobile services. These products are insured by the National Credit Union Administration (NCUA) up to $250,000 per member.
Applicants must fill out an application and provide a social security number, bank account information, and a government ID. This process is relatively fast and easy. Once you are approved, you can enjoy all the benefits of Navy Federal, including interest on checking and savings accounts.
Alaska USA Federal Credit Union
Whether you are looking for a new bank or you want to get the best money market mutual funds, there are a few things to keep in mind. For example, money market funds are not insured by the Federal Deposit Insurance Corporation (FDIC). They are also considered liquid, and some may be exempt from income taxes.
There are three types of money market accounts at Alaska USA: Premium, Share, and Convenience. You can choose which one you prefer based on the amount of money you have in your account. You can also change your money market account type once during a dividend period.
Alaska USA does not have any monthly fees for their premium and share savings accounts. You can also make direct deposits and access your money through UltraBranch and the mobile app. You can also find a large network of ATMs and partner ATMs. These include 55,000 surcharge free ATMs, and there is also a mobile app that allows you to find the nearest Alaska branch and ATM.
FDIC insurance protects your deposited money up to $250,000.
Keeping your money in an FDIC insured account is a great way to protect it in the event of a bank failure. The FDIC is an independent agency of the U.S. government that monitors and certifies banks. It acts quickly to ensure that depositors get their insurance-backed funds. It also provides consumer information and links to government and nonprofit resources.
The FDIC’s website has a detailed overview of what types of accounts are covered and which aren’t. It also has a timeline of major banking events, including the 2008 Great Recession.
The FDIC claims to have never lost a penny of insured funds since its creation in 1933. The agency is responsible for examining the financial health of banks and resolving any issues with customer accounts.
