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The higher the APY, the more youll earn.
Its effectively free money.
One of thebest high-yield savings accountsis called a money market account.
The average APY of a money market account is 0.64%,per the FDIC.
As youll see, Citizens Bank Money Market rates can be more than 5 times higher.
What Is a Money Market Account?
A money market account is a hybrid checking and savings account.
A checking account is designed to accommodate your financial activity.
You use it for everyday tasks like:
A checking account typically earns minimal APY on the account balance.
In contrast, the money in a savings account is meant to be rarely-touched.
Savings accounts also often earn a notably higher APY than checking accounts.
A money market account is the best of both worlds.
Just note that you may be subject to a minimum deposit to establish an account.
Does Citizens Bank Offer Money Market Accounts?
There is no minimum opening deposit for any Citizens Bank MMA.
However, the Citizens Private Client MMA requires that you have a Citizens Private Client Checking account.
Only those who maintain a total of $200,000 in monthly combined deposits can hold this account.
What Is the Interest Rate for a Citizens Bank Money Market Account?
Each of the three Citizens Bank MMAs offer varying interest rates.
A Personal Money Market account receives a flatAPY, regardless of your account balance.
A Citizens Quest Money Market account has different tiers for higher balances.
Are There Withdrawal Limits on Citizens Bank MMAs?
Citizens Bank does enforce withdrawal limits on its Money Market Accounts.
What Is the Monthly Maintenance Fee?
The Citizens Bank Personal Money Market account incurs a $10 maintenance fee.
Fortunately, it can be easily avoided by simply maintaining a daily balance of $2,500 or more.
Are Citizens Bank Money Market Accounts FDIC-Insured?
Citizens Bank Money Market Accounts are FDIC-insured.
Youll receive the same $250,000 guarantee on your money as a checking or savings account.
Just note that the FDIC extends this insurance per individual per bank.
is above $250,000, you wont befullycovered.
If this worries you, it could be worth opening an MMA with a different bank.
Citizens Bank savings accounts offer up toAPY for any balance.
However, you wont get features like a debit card or check-writing ability.
Youll have to transfer your money to a checking account first.
If that doesnt bother you, a savings account is a better choice for your money.
Final Take
Citizens Bank is one of thebest banksfor Money Market Accounts.
By depositing at least $25,000 in new money into your account, youll receive betweenandAPY.
Its an excellent low-effort way to make some extra money.
Information is accurate as of Sept. 24, 2024.
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