It can be tough to get motivated to save money when interest rates are low. If your bank isn’t offering competitive rates for regular savings or high-yield savings accounts, consider opening a money market account.
A money market account works a lot like a savings account, but it allows you to make a few transactions by check or debit card each month. There can be a few drawbacks:
But, in return for those inconveniences, you can often get an interest rate that’s higher than other savings accounts by as much as 1 percent. And even if your money grows by 1 additional percent each year, that’s extra money in your pocket for the long run.