How much do money market accounts make?

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asked Oct 23, 2019 in Investing by tydurden (300 points)
How much do money market accounts make?

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answered Oct 24, 2019 by GloriaBDavis (1,090 points)
Money Market Accounts are usually much better than a traditional savings account and will earn more interest per year on your money when you have it saved in a money market account instead of a regular savings account.

Some savings accounts earn only 1/2 percent interest or 1 percent interest which would mean you would earn maybe $1.00 to 3.00 per year on a savings of $10,000.00 which is not all that much.

With a money market account you usually earn 2 percent interest which would mean you would earn $10.00 per year on $10,000.00 savings.

Still that is not that much money and you would make more money investing your money in stocks and bonds if you know what you're doing.

But even the 2 percent interest and $10.00 per year on $10,000.00 savings balance in a money market account is better than earning no interest on the money if it were to just sit at home.

You won't really get rich with a money market account but you can earn some additional money through a bit of interest on the money market account.

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