In times of rising inflation, keeping yourself and your family protected is vital. Now, when the savings accounts in the banks are offering a pathetic 1% interest, it is impossible to save some money. In short, your money is just getting wasted in these savings accounts. The solution to all these problems is utilizing the money market account returns. Let us understand what this is and what are the benefits of using it.
A money market account is a basic bank account with a bank or a credit union that offers its users a rate of interest currently going on in the money markets. This rate is comparatively higher than the nominal saving accounts. Thus, it is always recommended to use it. Here are the benefits of using this type of account.
One of the major advantages of using these types of accounts is that you can easily access them wherever and whenever you want. This ability gives a lot of comfort and ease to the account users. So, suppose your washing machine is broken, and you want to buy a new one. In that case, you don’t need to worry about lock-in periods like a Certificate of Deposit(CD).
You can withdraw these funds from your account. However, remember that you can only make six free transactions from your account.
This criterion is a no-brainer. The money market account returns are better than those offered by the banks. You can ask these companies for the best possible money market account return. One thing is that they will always outrun the nominal rates offered by the banks and their saving accounts.
Safe & Secure
Very low risk is involved up to a certain limit when using these money market accounts. This low risk is possible because they have no investments in high-risk assets and thus, protect the interests of the investors. In addition, many of these money market accounts are secured by the Federal Deposit Insurance Corporation (FIDC). So, if the government protects your money up to a limit, you can relax.
There is no boundary or limitation for using your funds regarding MMA. You can deposit, withdraw, or use your funds by writing cheques. Some banks even offer ATM cards to their users for a better experience. So, along with the good money market account returns, you also get much flexibility.
CIT Bank offers a list of offers for the users. From opening an account within minutes to receiving the best money market account returns, the users have it all with CIT Bank. Moreover, you can apply to their platform for a new MMA. The CIT Bank team will brief you about everything, and you can enjoy using all the services within some time.