compare money market account interest rates
Would it be a good idea to move money from my checking account and create a money market savings account?
Right now i have a checking and savings account. I got about 5k in the checking and the interest is 0.10% and and 3.5K in savings and that interest is 0.25%. They are both premiere so i must have 2.5k in them at all times. An idea i have would be to downgrade my checking account to a normal one and keep like 1k in their and put the rest into a money market savings account because at 2.5 k + the interest rate is 0.50%. The second part of my idea would be to stack that account enough as to where i can then move it to my savings account because at 10k + the interest rate is 1% compared to the money market which is 0.75 % at 10k +. I was jsut wondering if this is a good idea cause im new to the whole finance thing and only 20.
Good idea-consult your Bank Manager
