TD Bank Money Market Accounts
Money market accounts are nice because you are earning a slightly higher rate of interest than a regular savings account along with the benefits of having your money available to you at any time. If you are considering opening a money market account, TD Banks offers some of the best interest rates available at this time in the money market industry.
Banks offer money market accounts for their customers that have large amounts of money that they don’t want to tie up in a certificate of deposit with a maturity date or penalty for early withdrawal and would like a slightly higher interest rate than the typical savings account can supply.
TD Bank prides itself as "America's most convenient bank"
Banks determine the rate of interest on money market accounts based on several different factors. One of the indexes used is the prime lending rate. However, money market accounts are slow to react to market changes because of the indexes used for determining their interest rate. This is a good aspect in many situations.
TD Bank provides customers with one money market account option, the Choice Money Market. There are other savings accounts, but one money market account that has several different benefits.
TD Bank money market accounts are tiered with their interest rates. This means their interest rates are dependent upon the amount of money deposited into your money market account.
TD Bank’s money market APY starts out at the lowest level of .10 percent for a balance in your money market account of at least one penny. The highest rate of interest you can expect from TD Bank is .50 percent for accounts over $100,000. Along with paying the higher rate of interest, TD Bank does require at least a minimum daily balance of $1000. On the other hand, if you do keep the minimum daily balance of $1000 you can expect to have your $12 monthly maintenance fee waived. If you are a customer at least 62 years old TD Bank will also waive the fee.
Scaled interest rates offered by TD Bank's Choice Money Market Account (as at 10 August 2011)
When you open a money market account with TD Bank they do not require a minimum deposit. TD Banks has a wonderful Choice Money Market Account which offers customers free bill pay, online statements and up to six free checks per month wrote on the account.
TD Banks website is wonderful and user friendly. They also extend their customers identify theft protection to safeguard your credit. The identify theft protection is offered by a third party that is working with TD Bank, but is not owned by TD Banks. However, opening an account is simply and easy on their website or you can phone their customer service department and get the money market account opened over the phone.
In the United States alone, there has been over 10 million identity theft victims. Fortunately, TD Bank provides protection against identity theft.
Money market accounts are a terrific place to keep your money until you need it while offering several different advantages that cannot be seen with other low risk investment opportunities.