Money market accounts are designed to help you save money while leaving it relatively accessible. Money market accounts typically offer higher interest rates than a normal savings account but often they come with the disadvantage of requiring a higher account balance to avoid fees.
Higher rates offered in money market accounts help your money grow faster. Rates offered in these accounts may change. If this happens there may be other options that allow you to earn more while still maintaining easy access to your money. Certificates of Deposits (CDs) can be laddered to take advantage of the higher rates they offer while still freeing up portions of money at short-term intervals.
InvestorKeep sends alerts when your accounts are either not paying enough interest or if your liabilities have higher than normal interest rates because one of the most important aspects of money management is ensuring efficiency.
Talk to your financial professional about your savings accounts and how you might be as efficient as possible by using strategies that will provide the best interest rates.