Hi does anyone know what type of savings account is offered at a bank or credit union that generates a large?

Question

amount of interest see i just found out my local credit union has whats called a (money market account) which has to have a minimum balance of $1000.00 to get and only 3-withdrawls a year see i would like to have an account that generates more interest than a standard savings account where i like only need to have like a $100.00-$50.00 minimum balance to keep it open that allows me a unlimited amount of deposits,transfers,withdrawls anyone know of any account like that?

Answer 1

open an online savings account, such as ING or HSBC.   they have no minimums or fees, and pay much more than any brick and mortar bank.  and the money market account limits you to 3 checks a month, not a year.

Answer 2

No.  The minimum balance is why those accounts pay more interest.  A small account like you want costs the bank too much to service, so they pay very low interest.

Answer 3

Check out ING it may something similar to what you are looking for.  You can view my post about their Savings account under sources.

Answer 4

Some banks will have a money market account that will have higher interest rates but my require $2500 min.

There is no such thing as large amounts of interest with out large amounts of risk.