If you’re considering a money market account, you can still grow your money with a competitive APY, even in today’s market.
“It always pays to be paying attention to what you’re getting and what you could be getting,” says Adam Stockton, director of consumer pricing at Novantas, an advisory firm for financial institutions based in New York. “People got used to probably paying more attention when rates are higher, but there still are big differences.”
Keep in mind, though, the most effective money market or savings account fits your overall savings needs and goals, rather than focusing specifically on interest earned, especially today.
“Everyone has to make the tradeoffs for themselves,” Stockton says. “But there are still deals out there for people who are willing to look around and take some time.”