If you happen to be looking for a liquid savings account or money market account to stash some cash in AND receive a (relatively) decent interest rate while you’re at it, then you may want to look into the following flexible money market accounts we’ve highlighted below. These are the top 3 accounts in terms of interest rate (APY), flexibility and availability. If you are purely a “rate hunter” then we would suggest checking out your local credit union’s rates as well as they can sometimes offer slightly higher APY’s then nationally-available online banks can. However, keep in mind you’ll need to be a member with the credit union which may require you to open additional accounts and/or participate in a Share Savings Account.
Today’s current savings rates are, quite frankly, terrible. So don’t get too excited on the prospect of having your cash work for you by pumping out a lucrative return on your investment. Today’s best rate that is nationally available sits at just 1.15% APY.
Top 3 Money Market Accounts which can be opened online:
(Rates accurate as of July 2011.)
1) Sallie Mae Money Market Account – Sallie Mae, perhaps better known for student loans, have been offering FDIC insured savings products for a while now and their current money market account provides a yield that is tied for the highest in the country (1.15% APY) and comes strait forward terms and conditions which make the account very simple to open and manage. There are no minimum deposits required, no monthly fees, and you can open and mange the entire account online.
2) Discover Bank High Yield Savings Account – Discover’s online savings account essentially functions as a money market account that just happens to be available online (like most online savings accounts do). It’s APY is tied for the best available in the country at 1.15% but the account comes with a minimum deposit requirement of $500. After the initial deposit though, you’ll incur no monthly balance requirements plus the account comes with no fees and can be opened and managed entirely online.
3) Flagstar Direct’s Money Market Account – Offers the second best APY (1.11%) and comes with just a $1 minimum deposit requirement. Flagstar is based out of Troy, MI but offers online accounts to consumers throughout the country.
Know of a better money market account you opened online? Tell us about it by leaving a comment!