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Need to open a Money Market Account
Old 02-13-2007, 02:15 PM   #1
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Need to open a Money Market Account

I've never kept a whole lot of cash around (young, single -- everything invested in stocks). I'm getting married toward the end of the year, and I need to open an account to hold the wedding money and what will now be a larger emergency fund.

Any recommendations?

A quick look at bankrate.com left me leaning towards E-Loan. They say they pay 5.25%. Anyone have any experiences with them?

Any other recommendations?
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Re: Need to open a Money Market Account
Old 02-13-2007, 02:49 PM   #2
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Re: Need to open a Money Market Account

http://www.fatwallet.com/t/52/437553/
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Re: Need to open a Money Market Account
Old 02-13-2007, 04:50 PM   #3
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Re: Need to open a Money Market Account

Vanguard MM Prime is a good choice if you don't want to be rate shopping on a regular basis. E-Loan is fine, but it remains to be seen if they will stay near the top of the charts.

it's also important to recognize the difference between a MM account and a MM Fund ... with the former you will be restricted to fewer withdrawals per month.
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Re: Need to open a Money Market Account
Old 02-13-2007, 05:59 PM   #4
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Re: Need to open a Money Market Account

Ditto to those suggestions....I moved my money recently from eloan to hsbc since they have a 3-month special on new money....
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Re: Need to open a Money Market Account
Old 02-13-2007, 06:21 PM   #5
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Re: Need to open a Money Market Account

Vanguard's Prime MMF is one of the best around and it provides consistently the best short-term returns as far as MMF are concerned.

I have been using it as a place to park my short term cash for many years and they have not lost a single penny of my stash!
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Re: Need to open a Money Market Account
Old 02-13-2007, 10:35 PM   #6
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Re: Need to open a Money Market Account

I really like INGDirect because of the sub accounts I can create. They are virtual accounts that I can assign names to. I have my vacation fund, my next car fund, etc. I suppose it would be smarter to use Vanguard and creat virtual accounts with an Excel spreedsheet. I'll have to put some thought into that.
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