As anyone who maintains a traditional savings account through a bank can attest, the interest rates that are applied to the balance typically deliver less than impressive returns. In many cases these individuals simply leave their money in a traditional savings account because they don’t know what other options are available.
The truth is there are options that can produce significantly greater returns on their money, one being a money market savings account. Unlike traditional savings accounts a money market savings account comes with a high money market interest rate, something that instantly increases the money earned from a balance.
While money market savings accounts carry higher rates there are certainly issues that an individual needs to know before they open a money market account, namely how that interest is compounded. At UFB Direct, a division of BofI Federal Bank, an FDIC insured financial institution established in 2000, not only will customers who open an account with $5,000 and carry that minimum daily balance receive a 1.15% APY but that interest rate is compounded daily.
By compounding this high money market interest rate on a daily basis UFB Direct provides their customers with the most favorable returns possible. UFB Direct even provides access to a money market interest calculator that details what customers can expect in the way of returns from their money market savings account.
UFB Direct not only delivers a high money market interest rate that consistently beats the national average but also a number of perks that come with the money market savings account. Open a money market account with UFB Direct today and experience banking the way it should be while putting your money to work for you.