Plat Forms

Here are the questions to ask to determine the best money- market account for you:
What is the minimum deposit I need to open up the account? You can open a great account for about a $5,000 minimum.
1 What is the minimum balance, if any, required to keep it open? “None” is the answer you want to hear.
What is the yearly fee to have this account? The answer should be “Nothing.”
Does this amount apply even if I drop my balance down to $1? “Yes” would be a great answer, but if the answer is “No,” the fees should not cost more than $60 a year.
Am I required to purchase securities in order to maintain the account? If I don’t plan to do so, will you charge me a fee eventually? Some money-market accounts require you to make a transaction—buying a stock, buying into a mutual fund—in order to maintain the account or at least to maintain it for free if you don’t keep your balance above the minimum amount needed. Others don’t. This is not a big deal and may encourage you to test the investment waters (page 200), but if it makes you uncomfortable, the answer you want to hear is “No.”
%l Do you issue a debit card?
I Do you issue an ATM card? The answer should be “Yes,” or that you can use your debit card at ATMs.
J Are there fees if I use the ATM card? If so, they should be not more than a few dollars per transaction.
l Is there a maximum number of checks I can write every month? There shouldn’t be.
l Is there a minimum amount for which checks can be written? The answer should be “No.”
l Do you return my canceled checks or simply send me an itemized statement every month? Either way is okay, but most will just send you an itemized statement.
At the end of the year, do you give me a summary of every check I’ve written? “Yes” is the answer you want.
431 What interest rate are you currently paying, or what is your seven-day yield, or the amount in interest they have paid for the past week? The higher the better.
431 How do you credit this interest? “Daily” is the answer you want to hear.