How do you open an MMA?

Opening a money market account is typically straightforward. Select a bank or credit union, gather the necessary documentation (ID, Social Security number, and initial deposit), and complete the application online or in person.

Are there any fees associated with MMAs?

Many MMAs charge monthly maintenance fees, especially if you fall below the minimum balance requirement. Some may also have transaction fees for excessive withdrawals. Always review the terms and conditions before opening any type of bank account.

How often do MMA rates change?

MMA rates can change at any time, often in response to shifts in the Fed's monetary policy or broader economic conditions. It's advisable to review your account's rate regularly and compare it to other options in the market.

Can you lose money with an MMA?

MMAs at FDIC-insured banks or NCUA-insured credit unions are generally very safe. Your principal is protected up to $250,000 per depositor, per institution. However, if inflation outpaces your interest rate, your money could lose purchasing power over time.

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HIGHEST MMA CD RATES FOR THE WEEK OF DECEMBER 16, 2024

Highest MMA rates for the week of December 16, 2024

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