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Money market accounts (MMAs) Money market funds (MMFs) Provider. Banks and credit unions. Investment firms and brokers. Insurance. FDIC or NCUA up to $250,000
SoFi was founded in 2011 as a student loan refinancing company. In 2019, SoFi — , short for Social Finance — expanded into investment services, offering a user-friendly platform to new investors.
As the Fed rate rises, so do APYs on savings accounts, CDs and money market accounts — with today’s rates on the best high-yield savings accounts topping 4% APY.
Here are a few places to start when comparing money market accounts for the best MMA rate: Vio Bank — 5.30% APY; $100 minimum deposit. UFB Direct — 5.25% APY; no minimum deposit.
Why it stands out: The First Internet Bank Money Market Account has a $5 monthly fee (waived if your account balance is $4,000 or more) and 0.50% annual percentage yield. Plus, the minimum balance ...
A money market account works like your typical savings account: You deposit money into your account, and your deposit attracts an interest rate that compounds daily or monthly.
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