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Money Market Rate Question?
I have a MM account with a local CU and am currently earning 1.62%. I am looking at accounts at other local CU's for better rates and wonder it really makes sense to switch. One of the best rates I've seen from a local CU is 2.75/2.78 APY for 10K-24,999. Is it worth it to change? How much am I really gaining? Say my initial deposit is around 11K
3 Answers
- Anonymous1 decade agoFavorite Answer
Use this site to find a better rate. Good luck.
- Anonymous1 decade ago
It depends on the fees involved money market funds are usually pretty liquid assets, but I would recommend seeing how long you have to keep it in the fund. If the rate is higher at the other credit union I would take that rate. To find out how much you are going to gain just multiply the amount say 11k and average out the APY, so 2.765%, that should be your yearly gain.
- falsi fiableLv 71 decade ago
You'll earn a premium of 1.16% for a year on $11,000 which is $128. Is that worth your effort?
