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Not only is opening an online money market account a quick process but the amount of interest earned in a money market account is much higher too. Although the minimum deposit and minimum balance are significantly higher in some banks for a money market account than those of a regular savings account, money market accounts are a popular option for those aiming to save money for a rainy day. There are no or very low minimum deposit money market accounts too, especially with online banks.

The best money market accounts offer benefits like any deposit account. With the Federal Deposit Insurance Corporation insuring deposits and the accrued up interests in money market accounts, the money is relatively safe, like in a regular savings account. Depending on the bank in which the money market account is opened and operated from and the amount of money deposited, the interest rates for the money market account can vary. Although there are limits on the number of transactions allowed for every statement period, access to the funds in a money market account is possible through online transfers and with debit cards and checks.

The best money market accounts that pay a high interest rate are as follows:

• Ally Bank Money Market Account offers 1.45% for all minimum balances,
• EverBank Yield Pledge Money Market Account offers 1.4% APR for a minimum balance of $5,000,
• UFB Direct offers 1.60% APR for a minimum balance of $5,000,
• Sallie Mae Money Market Account offers 1.45% APR for a 0% minimum balance,
• Capital One 360 Money Market Account offers 1.4% for balances over $10,000, and
• ableBanking offers an APR of 1.70% for a minimum balance of $250.

A good option to save funds while at the same time not locking it away in a long-term deposit includes some of the best money market accounts that are basically low-risk investments. Taking the middle path between the regular savings accounts and Certified Deposit accounts, the best money market accounts offer Annual Percentage Yields (APR) of over 1% and close to 1.5%, depending on the minimum balance.