can anybody tell me a good money market account?

Question

i have 9000 to invest and i want to put it in a money market account. Preferably one with a very high interst rate and one that doesn't charge fees and doesn't penalize you if u take money out.

Answer 1

Please be advised that by definition, a money-market account contains commercial paper. The principal is NOT guaranteed.

If the money market account is a bank account (please be very clear on this as some banks have affiliated brokerages that are NOT FDIC insured), then the account is FDIC insured. Otherwise, do not assume that the account is insured; more likely it is not. Some money market accounts may claim to have private insurance but it is not clear that corporate bankruptcy is an insurable event.

I suggest caution regarding a "high" rate of interest. Although I am not a proponent of efficient market theory, return is nevertheless somewhat related to risk. If the reward is high, there must be a reason someone is willing to compensate you generously.

High interest and immediate access to your money are somewhat mutually-exclusive. If you money is available on demand, that means that someone else can't use it all the time (never mind the magic of fractional-reserve banking at the moment) at the same time.

I suggest that you talk to a bank, and not to a mutual-fund broker. I suggest keeping that money in one or two insured accounts. If need be you could keep what you need to have access to in an FDIC insured money-market account, and the balance in a CD paying a higher rate of interest.

This answer is provided for information purposes only and does not constitute advise to buy or sell securities. Do your own due dilligence.

Answer 2

At best any Gambling System can work in the short term only. Giving you exellent information about which stocks to by that pays off enough so you can be rich seems silly to me. If I had the SECRET and knew when stocks would go up and down, do you seriously believe I would share it. I would sit at my computer and happily become a trillionaire. Every one else is just selling you a theory which they have found out doesnt work so lets find someone else to pay for it. Now there are some folks who diligently seek education and skills and may get a profit in the long term. LOOK AT THE PEOPLE THAT MAKE BIG MONEY IN THE MARKET WHAT DO THEY DO?? Most are salesman in one form or another they sell you the concept that they can make money for you and make a commision on you money by buying or selling or managing your money. The excetions are there but they are few and far between. The restr serve the Greed of Human Nature. Buy a Porfiolio of LOW COST , PASSIVELY MANAGED, DIVERSIFIED, Index Mutual Funds. SAVE SAVE SAVE. In a life you will end with millions. The path is long and arduous. he alternative is seek the silver chalice or pot of gold at the end of the rainbow. It Ain't happening sir. You will just serve the Financial Pornography Industry. Better trust the person that cares that you are successful. YOU Not the answer you expected. If you don't like it just Delete. Good Luck Gerry

Answer 3

Check out Vanguard. They are a mutual fund company and they also have money market accounts. They are well known for having very low fees with their funds so perhaps the same for money market. You need $3,000 to open one so you should have no problem with that.

If you want higher interest, try investing in one of their mutual funds. Also, $3,000 to open one. However, with mutual funds you will have to accept some risk. The risk can be low to high. Depends how queasy your stomach is. But if you're in this for the long haul, that is the way to go. Shop wisely and you can be well rewarded. If you just want to park your money temporarily, then go money market.

Answer 4

Visit INGdirect.com and read about their Orange Savings account. The current yield is 4.35%. There are no fees or minimum balance requirements. Be advise that with any money market, you are limited to 6 withdrawals per month.

Your ING account links to your checking account and you can transfer money online, via the phone, or via e-mail. When you start, you just have to verify two small deposits (like PayPal does). Also, the initial deposit is held for 10 days, so you cannot withdraw it immediately. Subsequent deposits from the same account are held for 5 days.

Good luck and happy saving!

Answer 5

A couple options:

Check out bankrates.com to find the most current high yield.

I use Capital One. 8 Free transactions a month, no minimum balances, and the interest rate keeps increasing as well. Currently around 5.00%.

Good luck!

Answer 6

go to AG edwards but your going to need at least 10,000 to open account how you get that money anyway selling crack just flip it for more crack and hide the money in the walls like the rest of you dealers 10,000 is needed to open a account most all money markets any you have to declare how you got it cant just take 10,000 cash and open a account you have to transfer it from a real bank account all high interest account will penalize you if you write to many checks on said acount

Answer 7

GM Demand Notes pays 6% at the moment for their money market account.

Answer 8

www.GMACBank.com 4.90% + ATM Card & Free Checks
www.EverBank.com 4.01% + ATM Card & Free Checks
www.INGDirect.com 4.35%

Each of the above includes free electronic transfers to/from your checking account. All are FDIC insured. ATM programs include up to $6.00 refunds of ATM fees a month.

Check out EverBank for checking. Current rate: 3.01%

Answer 9

Check out HSBC direct saving account. Currently they give you 5.05 % which is very good.

Also check out Uncle Sam's Treasurely Bill. You can buy treasury bill directly at http://www.treasurydirect.gov. Currenlty the yield for 30 day bond is 4.81%, 3 month is 5.08% and 6 month is 5.25%. Check it out it is very easy and safe.

Answer 10

Here's a piece of advice for you: never take financial advice from strangers a chat website.
(Dude, call a broker, for pete's sake!)