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Money Market Accounts vs. CDs: Key Differences
When it comes to investing your extra cash, traditional savings accounts may not offer the best returns, with interest rates typically below 1%. If you’re looking to maximize your earnings, considering options like a Money Market Account (MMA) or a Certificate of Deposit (CD) could be a smart move. These are both safe investment options that provide higher-than-average Annual Percentage Yields (APYs), but they have key differences worth exploring.
Money Market Account:
– Interest Rates: Typically higher than traditional savings accounts, with some APYs exceeding 5%.
– Access to Money: Allows withdrawals at any time, with some limits on electronic transfers and withdrawals.
– Check Writing: Yes
– Debit Card: Yes
– Minimum Deposit: Varies, with some accounts requiring an initial deposit.
– Federal Insurance: Most accounts are insured for up to $250,000 per depositor.
CD:
– Interest Rates: Generally higher than money market accounts, with rates reaching up to 5.65%.
– Access to Money: Early withdrawal fees apply before the CD matures.
– Check Writing: No
– Debit Card: No
– Minimum Deposit: Typically ranges from $500 to $2,500 or more.
– Federal Insurance: Most CDs are FDIC-insured for up to $250,000 per depositor.
CDs Tend to Offer Higher Interest Rates
Certificates of Deposit offer competitive fixed interest rates for a set period, allowing you to earn interest until the term ends. This structure can help you secure a strong return before interest rates decrease, making CDs a popular choice for those looking to grow their savings steadily.
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