This Countrywide Bank money market account review is designed to tell you about the most important characteristics of it money market product. Countrywide Bank offers some of the best money market rates. If this review does not answer all of your questions, you should visit the Countrywide Bank website to learn more about these high interest money makret accounts.
Countrywide Bank pays a high interest rate on this money market account. This account combines the highest money market rates of a savings account, but also provides for the flexibility of a checking accoount. Like a savings account, this pay really great money market interest rates. This is what makes this Countrywide Bank product a really good savings option over a regular checking account.
The Countrywide Bank money market rates are some of the highest I have seen. It is important to note that these money market rates are variable and therefore fluctuate like other interest rates. Countrywide Bank also compounds the interest on these accounts daily. This is great because it increases the APY. Read this article to find out what is APY.
Countrywide Bank also provides you with free checks when you open a money market account. These free checks makes it very easy to gain access to your money market deposits. In addition to checks, you can also use ATMs to withdrawal money.
If you have not check out the Countrywide Bank money market accounts, you should do so now.
May 25th, 2008 | Posted in Countrywide Bank | 1 Comment
Here on Money Market Rates 101 we often talk about APY, annual percentage yield. Since we through this word around a lot, I thought that it would be good to define APY so that you understand why understanding APY is important for find the best money market rates. So, what is APY?
Why is annual percentage yield important?
Understanding annual percentage yield helps you to evaluate money market accounts and determine how much interest your principal balance will earn over a year. By knowing what is APY you can compare various money market accounts to find the highest money market rates or comparing the money market APY with the APY you can earn with other investment alternatives. You want to find the highest APY with the right risk profile to suit your needs.
What is APY?
APY stands for annual percentage yield. Put in its simplest terms, APY tells you how much interest your money will earn over a year.
Why you should look at APY over the interest rate?
Unlike the stated interest rate, APY tells you how much your money will earn over the year taking into account compounding interest. Compounding interest means that if your principal balance in you money market account is getting daily interest added every day, your balance keeps growing. This means that every day you have more money to earn interest on. This is the value of compounding interest.
What affects APY?
As mentioned above the frequency that interest gets added to you account is one of two things that affects APY. If your money market account adds interest daily the APY you earn will be higher than the APY of a money market account that adds interest to your account monthly.
The second factor that affects APY are the money market rates that you are earning. If you are earning a higher rate of interest on your money market account then your APY will be higher. That is why we help you to find the best money market rates.
How to calculate APY?
The formula for calculating APY is not easy. However, here is the easiest formula of how to calculate APY.
APY = (1 + r/n )n – 1
In the formula above, “r” equals the interest rate and “n” equaIs number of times per year interest is compounded on your account.
Understanding APY is absolutely vital if you want to find the best money market rates. If you have any questions about What is APY? please ask them in the comments below.
May 24th, 2008 | Posted in Money Market Rates 101 | No Comments
Learning how to choose money market savings accounts is vital to finding the right money market account to open. Money market savings accounts provide higher savings rates than savings accounts, but don’t have the high risk involved in investing in stocks and bonds.
Unlike investing in stocks and bonds, money market accounts are FDIC insured. FDIC stands for the Federal Deposit Insurance Corporation. FDIC insurance for a money market account means that if a bank goes bankrupt and doesn’t have the ability to pay the depositor the amount invested in a money market accoutn, the Federal government will step in and pay you back the balance of you money market savings accounts.
3 important factors to consider when learning how to choose money market savings accounts:
- Make sure that the minimum balance requirement meets your budget needs. Higher minimum balances are often one of the main differences between money market accounts and savings accounts. If you can’t afford to put into savings the minimum balance requirement, that money market account is not the right one to open an account with.
- Make sure that you will not go over the maximum number of withdrawals you can make with the money makret account. You can’t use a money market account as a checking account. Unlike a checking account, money market accounts limit the number of withdrawlas you can make.
- Make sure that you understand the fees that will be charged by the bank for the money market savings accounts. You really have to read the fine print to make sure you know all of the fees, if any, charged by the bank. If you don’t keep your minimum balance, the bank often will charge you a fee. Additionally, if you make too many withdrawlas you might be subject to a fee.
- Make sure that you find the best money market rates. Different money market accounts pay different interest rates. You want to make sure that you find the highest money market rates.
In the end, money market savings accounts are one of the safest places to invest your money. Hopefully this article on how to choose a money market savings account will help you find the best account for you.
May 23rd, 2008 | Posted in Money Market Savings Accounts | No Comments
Finding the best money market rates is the sole goal of Money Market Rates 101. Well, in our search for these great rates we would like you to check out the IndyMac Bank money market accounts.
IndyMac money market accounts offer some of the highest money market rates online. The IndyMac Bank E-Money Market account offers a great option for someone looking to open a money market account. This IndyMac account has a very low $1,000 minimum to open requirement. Many money market accounts require a much high initial deposit to open an account.
The interest rates and annual percentage yields of this IndyMac account are tiered. The more money you deposit into the money market account, the more interest you will earn. Money market accounts are nice because you can use them like a checking account and they typically pay a higher interest rate.
IndyMac has free ATM use only at IndyMac ATMs. If you aren’t living in an area close to an indymac branch, this will not help you very much. I love it if I can find a money market account with a branch close by. Visit the IndyMac website to determine if there are any branches near you.
The IndyMac Bank money market accounts are offering the best money market rates that we have found so far. You need to check out these IndyMac accounts.
May 23rd, 2008 | Posted in IndyMac Money Market Account | No Comments
What is a Money Market Savings Account?
Money market savings accounts are excellent bank accounts to start saving money. Typically, money market rates are higher than savings account rates. This higher interest rate is what makes money market accounts good investments for saving money.
A money market account is also a pretty safe investment. When you are looking for ways to save money, you want to make sure that you have at least an emergency fund in a safe investment. You don’t want your emergency fund to be put at risk due to market fluctuations. Money market accounts are perfect for reducing this investment risk.
Money market accounts are in fact one of the lowest risk investments you can put your money into. Typically the money that is deposited into a money market account is being lent to pretty stable companies. This helps to reduce the risk of this investment.
Best Money Market Rates
Today’s money market accounts are paying pretty high interest rates. This is why people need to consider whether they should be investing their money in these money market savings accounts. If you are not looking into opening a money market savings account, you could be missing out on a great investment option.
Unlike certificate of deposits and savings bonds, money market savings accounts do you tie up your money. With a money market savings account you can get a high interest rate but maintain the flexibility of immediately accessing your money.
Money Market Rates 101 specializes on finding the best money market rates so that you don’t have to scour the Internet yourself. Look around our site to find the highest money market rates. Now that you know what is a money market savings account, you can decide for yourself whether this is the right investment for you.
May 21st, 2008 | Posted in Money Market Savings Accounts | No Comments
Hello and welcome to Money Market Rates 101. Here at Money Market Rates 101 our goal is to scour the Internet to find you the best money market rates currently being offered. Saving money in a money market account is a great way to build up your savings and earn a high rate of interest.
In addition to finding you the highest money market rates, we hope to provide you with the best personal finance information. Determining which money market account is right for you is a difficult decision. We hope that by finding you the highest money market rates we can save you a lot of time and help you with your personal finances.
While savings money in money market accounts will not make you rich overnight. We are instead focused on the long journey to financial freedom. By finding the best money market rates, hopefully, you will be able to retire sooner.
Personal finance can be a scary subject to learn about, however, it is very important. Focusing on finding the best money market account will be the focus of Money Market Rates 101. If you have any personal finance questions, please leave them in a comment to the articles here. We would love to help you find the best money market rates.
May 20th, 2008 | Posted in Money Market Rates 101 | No Comments
