- 1). Look at the annual percentage yields for the money market rates. These are the annual interest rates at which your money earns additional income. The higher the interest rate, the more money you earn.
- 2). Check the minimum required investment for the money market rates. Some money market accounts require an initial deposit of $1,500, $2,000 or more to receive a higher money market rate. Consider the amount you want to initially deposit into a money market account while comparing the rates to make sure you are comparing the highest-rates possible for the amount you want to initially invest. Often the more you invest, the higher the interest rate you will earn.
- 3). Ask the financial institutions with which the money market rates are associated whether their money market accounts are FDIC insured. While most banks are insured through the Federal Deposit Insurance Corporation, not all money market accounts are. If a money market account is insured by the FDIC, your money is granted a certain level of protection.
- 4). Investigate other rules surrounding each money market rate. Some accounts with certain rates, for example, allow you to make only up to five transactions each month; other accounts allow you to make more transactions. Most money market accounts require you to invest your money for at least 30 or 60 days before you can withdraw the funds, but find out what the rules are for maintaining the interest rates you initially receive before you invest.
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