Opening Your Own Money Market Account

Physician's Money Digest, July 2007, Volume 14, Issue 7

Before opening a money market account, there are several things to consider. Michelle Samaad, writing for Bankrate.com, suggests asking the following questions:

  • What interest rate does the account pay?
  • Do I earn higher yields on the entire balance or only part of it?
  • Under what conditions can fees be avoided?
  • Will the bank waive fees if I have other accounts with them?
  • What is the fee for writing more than three checks a month on the account?
  • Is there more than one version of a money market account? If so, what are the differences?

The more you know about your money market account before you open it, the less likely you'll encounter unpleasant surprises along the way.