Are you familiar with a Money Market account? Well, if you’re not, I’ll be more than happy to share with you what I’ve learned. A money market account is simply a high yielding savings account. The account may earn a higher annual percentage yield (APY) than a traditional savings account, but it might also have a higher minimum balance requirement than a standard savings bank account.
I tend to listen to a lot of podcasts related to money and Journey To Launch happens to be my favorite. Although I heard the co-host and guest speak about a Money Market Account, it didn’t resonate with me to look into getting one until I sat down with Angie and she interviewed me for her podcast. After the podcast was done, we must’ve had a 3-hour convo about money, how we can get our money to work for us and ways to increase our credit scores. She told me about her money market account and it was on from there. She even allowed me to see the money that was being deposited into her account monthly. I was in shock because my bank didn’t give me anything worth bragging about. Granted, I just had a regular savings account but it was a pretty penny if I say so myself. After speaking with Angie, I went home and did some research on the best Money Market accounts and decided to go with CIBC Bank USA. It’s based out of Canada but there’s a US branch in Chicago. Everything is pretty much done online and via the app which is a total convenience for me! Before transferring my savings over to CIBC Bank I contacted my bank to find out their interest rate for a Money Market account and it was 0.65% APY if you deposit 10,000-24,000 and 0.60% APY if it’s 9,000 or less. I’m not certain what’s the minimum balance because at this point, I realized, I was wasting my time trying to grow my money with my financial institution. Therefore, I transferred over to CIBC Bank and now I’ll be earning 2.10% APY on my money, monthly.
I am interested in my money earning money for me while I’m saving. It’s a no-brainer especially if you’re a saver like me. I didn’t transfer everything from my savings to CIBC Bank but I’ll continue to deposit more as time goes on. I wanted to have access to something just in case I need it especially since my bank is local.
Learning about money, how to grow it and ways to invest is fun for me so I’ll continue to share with you all. Let’s grow our knowledge and money together.