How to Open a High-Yield Money Market Account
A money market account is a type of deposit account offered by some banks and other types of financial institutions. Money market accounts pay a rate of interest that is set by the bank, and the accounts are fully insured by the Federal Deposit Insurance Corp. (FDIC) up to the legal limit of $250,000. These accounts tend to pay higher rates of interest than normal checking or savings accounts, but usually limit you to a certain number of transactions per period, and have higher minimum balance requirements. Most banks and financial institutions that offer money market accounts allow you to open the account online.
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Instructions
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Compare money market accounts. When comparing these accounts, you want to consider the current interest rate paid by the account, the minimum deposit required to open the account, check writing and other features and benefits of the account, and any fees associated with the account.
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Select the specific money market account you want to open.
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Go to the main website associated with the bank or financial institution offering the money market account.
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Select the money market account you want to open and click the "Apply" or "Open Account" button.
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Enter the requested information, including your name, address, phone number, Social Security number and driver's license or state-issued ID information. Agree to the terms and conditions of the account.
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Fund the account. Enter the account number and routing number of the account you want to use to fund the money market account. You can generally expect to receive paperwork confirming your new account and any checks or ATM cards associated with the new account, in 10 to 14 business days.
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Tips & Warnings
Alternatively, you can open a money market account by going to the bank or financial institution in person.
