Linking Checking Accounts and Money Market Accounts – Why Do It?
Connecting your checking account and money market account can bring about a lot of benefits. But if you’re confused as to what those benefits might be, let’s take a brief look at what they are: Your Checking Account is FDIC Insured. There is nothing scarier than losing money that you have earned and expect to be kept safe in a financial institution. However, by keeping your cash in a money market account while you decide how you would like to invest, you are running that very risk. This is why linking the two accounts can be beneficial. Instead of biting your nails while you make your decision, you can simply move your money over, knowing that it is safe (as long as it is $100,000 or less) until you can decide how you want to make your next investment. Fees are Lower. Another benefit of taking advantage of linking the two accounts is the lower fees. Typically, when working with a money market account, you will have an expense ratio (management expenses) as well as transaction fees. So
Related Questions
- How will interest compound on my money market or interest-earning checking accounts when my business accounts change to PNC Bank business accounts?
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- Linking Checking Accounts and Money Market Accounts - Why Do It?
