If you’re looking to invest your money wisely, you should probably look at a different option than a regular savings account. This is especially the case if the current interest rates on savings accounts are relatively low. Your best option is to get a different type of account that has a higher interest rate. Some people go with CDs, but you might find that a money market account is better for you. These accounts will generally allow you treat your money the same way you would in a normal account (which means that you can take out your money whenever you need it, instead of just at set times during the year).
A money market account also makes sure that you can only take out money a certain number of times each month. While this is still a restriction, it’s not nearly as much of a restriction as you would find on a CD. The other thing that you should keep in mind is that most of these money market accounts also place restrictions on the minimum amount of money that you can deposit or put into your bank account.
In return for putting up with the restrictions that the bank puts on your money once it is in your new money market account, the bank offers far more interest on your money than it would ordinarily. For people who are looking for a low risk solution to their investment needs, this is probably the best bet.
If you’re thinking about investing your money in a way that will give you a high return, then you probably should not be putting it in a money market account long term. While this account gives you more interest back than a savings account, that is still not very much. If fact, the best way to use the money market account is to use it as a place to put your money in between investments. That way, you’ll still be making some interest, and your money will be very safe.
Just remember, a money market account is somewhat different than a money market fund. Money market funds are not like savings accounts at all and do have a risk associated with them. If you want your money to be safe, make sure that you are putting it into a money market account.