A savings account can be a rewarding form of investment and sensible alternative to savings accounts. For instructions on opening and comparing money market accounts.

At least since the last economic and financial crisis, savers and investors increasingly worried about making back their money and savings. Where the money is really safe, as is the availability of such high interest rates and fees? These are all issues that are involved in the selection of appropriate investment play a role and should be carefully considered. The veteran savings account is for Germans to be very popular and enjoys great confidence in depositors. But it is not particularly lucrative, because the interest rate on a conventional savings account comparatively slight.

How does a money market account?

If you value the security and reliability of a savings account and still want more to do with his money, for the solution may lie in a savings account as an investment. There you can invest his money without risk of much higher interest rates and daily availability. This makes it ideal for those who want to remain flexible in the investment or “park” their money will be temporary. A money market account is basically a checking account with no payment function, which means it can be made any transfers or money raised from vending machines. To get to the money market account on the deposited money, you need a reference-checking account that can be booked with the requirements of the desired amount from the money market account.

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Savings Account – Interest rates and fees compared

The average interest rate of per diem amounts depending on the bank account and date to about 2% per year, sometimes a little higher. A comparison of the different providers is worthwhile in any case. Therefore it is advisable to look into the various comparison websites online for financial products or publications relevant to the consumer centers. Basically, you have the choice between a money market account with a normal bank, as the house bank, and an account at an online or direct bank. Direct banks often offer more attractive interest rates and fee waivers, dispensed to you as a customer for personal advice and service in a local branch.

Criteria for selecting a call deposit account

Other questions that should be documented on the opening of an allowance account are governed by the minimum and maximum investment amount, the actual duration for the offered interest rate and any additional conditions that could be linked to the opening of an allowance account. Note you should also check that the deposit insurance of the bank guarantee. Most German banks are in the deposit insurance fund of the Federal Association of German Banks, so is the scale on a money market account money to legally protected to a height of 50,000 €. Tricky it is for foreign banks, there should be carefully informed about the applicable rules and terms and conditions.

Money market account to open – how it works

If you have opted for a savings account at a particular bank, the way forward is not complicated. Either one goes directly into a branch to open a savings account, but you only need an ID card and the data from the checking account. All necessary documents can be directly fill in and sign on site. If the choice falls on an online bank or another bank, which has no branch nearby, you can handle the opening of the allowance account quite easily via the Internet and mail. Simply the account application on the website of the relevant banking institution to download, print and fill out or just fill out and print it. Alternatively, you look at the documents and by mail sent to you. With the completed and signed forms then you go to the post office and leaves them with the so-called post-identification process , that is, send upon presentation of ID card and a signature to the bank. In most cases it only takes a few days until the bank confirms the opening of the account that you all necessary information such as account and PIN numbers, usually in two separate letters sent to and gets the money market account is fully utilized.