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High yield money market accounts are growing in popularity these days – and it’s no surprise why. Everyone wants a safe place to store their money, while being able to access funds if they need to. Money market accounts give you the ideal combination of security and flexibility, with a strong incentive to save. Here’s what to look for when shopping and comparing money market accounts online.

Grow Your Savings with Better Interest Rates

While it’s important to look at money market rates as an indicator for how much of a return you can get on your investment, it’s not always just about the numbers. Most money market accounts require you to have a minimum balance, so you’ll want to look for one that’s reachable to avoid any monthly fees or account management fees. For example, www.aurorabankfsb.com offers a money market account with no monthly fees as long as you keep your account at $1,000 or above. It’s a great way to deposit your savings and watch them grow over time at competitive interest rates.

Compound Interest and Overdraft Protection

Another great benefit of money market accounts is compound interest. Compound interest is the interest that the bank pays you – on top of what they’ve already paid you. This amount is calculated each day and posted to your account every month, thereby helping you reach your savings goals even sooner than you might have expected. You should also look for a money market account which allows you to tie it into your checking account for overdraft protection.

Convenience and Security

One of the most important reasons why people turn to money market accounts is the excellent convenience they offer. Not only do you get paid interest depending on how much you deposit, but you can also make up to six withdrawals each statement cycle against the funds in your money market account.

Finally, make sure that any Bank you are considering is a member of the FDIC. The FDIC, or Federal Deposit Insurance Corporation, is a government institution created after the Great Depression to help ensure that, in the unlikely event that the bank itself becomes insolvent, your money is safely deposited and guaranteed by the full faith and credit of the U.S. dollar. It’s worth noting that even in turbulent economic times, not a single banking institution backed by the FDIC has failed its customers.

A Summary of What to Look For

The bottom line on the best money market accounts is this: Look for accounts with a great variety of features that combine a competitive interest rate along with easy access and online banking benefits. Ask to ensure that the account is FDIC insured and find out how you can make withdrawals if you need to.

Getting started by opening a money market account is easy too – just go to your bank's website and look for the Open Account page. Convenient online banks should be able to walk you through the process of opening a money market account in an easy, straightforward and user-friendly way. When it comes to growing your savings at a competitive rate with added convenience and safety, there’s no better way to start than with a money market account.