Things You'll Need:
- Money market fund prospectus
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Step 1
Request a money market fund prospectus from any funds you may be interested in purchasing. You can obtain a money market fund prospectus from banks, brokerages and other financial institutions that sell securities to the public. Notice performance ratios such as earnings per share, asset-to-income ratio, debt ratios and dividends paid. This type of research will help you make intelligent investment decisions.
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Step 2
Go online and log on to the website of the financial institution selling the money market fund you like. If you prefer a more personal touch, call the financial institution, and you can purchase your money market fund over the phone.
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Step 3
Provide your name, address, phone number and email address. You'll also be asked to provide your Social Security number and driver's license number. Indicate if your money market fund will be an individual account or a joint account with your spouse or partner.
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Step 4
Give your employment information. You'll be asked to provide additional personal information such as your net worth, income, marital status and the number of dependents in your care.
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Step 5
Indicate your investment objectives. Communicate your reason for investing in a money market fund. Some investors invest in money market funds to diversify their portfolio, while others invest in money market funds for safe profitability.
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Step 6
Choose a method for funding your account. You may choose to wire funds into your money market fund, write a check or transfer funds from other bank or brokerage accounts. Most money market funds require an initial deposit of $1,000, while some financial institutions require a minimum deposit of $10,000.
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Step 7
Verify your information. Make sure you've provided your correct address, Social Security number and other sensitive information. Create a password and log-in ID so that you'll always be able to monitor your account online.
