Finding the best money market rates online may take a little work on your part. For example, if you use Google as your primary search engine, when you query the engine for “Best Money Market Rates” you will likely receive a list of sites each claiming to offer the best rates. How can you tell which claim is true and which is false? The obvious answers is you can not –at least not without shopping around.
Your best bet is to turn to sites you know you trust. Your bank is a good place as is the United States government websites which tend to lead the pack in interest rates. There are also credit unions online which you are urged to explore. Credit Unions tend to offer better interest rates on all types of accounts because they are not for profit. For this reason, they can offer their investors a better percentage rate than traditional for-profit banks.
You are urged to never invest your money without attempting to ascertain exactly who and what type of financial institution is going to be in charge of loaning out your money. Make certain while you are visiting the U.S. government sites that you learn who and where to go in the event you have a problem later on down the road with whoever it may be you decide to invest with. It is best to never put “all your eggs in one basket”.
What this means is that you should have a diversitied portfolio which offers different options and accounts for your investment dollars. Always read the fine print and know any regulatory or other requirements of a transaction no matter what type it is.