Banks earn money by lending out your funds and charging interest, but many still charge monthly maintenance fees and other charges. Fees: You shouldn’t have to pay to store your money.A higher APY means you earn more interest, a good thing at the end of the month when the bank makes monthly interest payments to customers.

Interest rates: Interest rates for savings accounts are measured using APY, short for annual percentage yield.Online accounts generally offer higher interest rates and lower fees than accounts from traditional banks. Online or in-person: Online-only banking is a growing trend, but it’s not right for restaurant servers and valet parking attendants who get paid in cash, and many others who rely heavily on cash or in-person customer service.When picking a money market account for your needs, consider a few important factors. How to choose the best money market account for you

If you can earn a higher interest rate with an online savings account, it’s probably worthwhile to do that instead. Note that some money market accounts come with lower interest rates than savings accounts from the same bank, so a traditional money market account may not always be the right choice. The ability to earn well above the average bank account interest rate is a major benefit, and finding an account with no fees or low fees makes it an attractive place to store your cash. Money market accounts are a helpful savings account product with useful check writing and ATM features. The minimum opening deposit is also a relatively lofty $1,000, though once you’ve opened your account there is no minimum deposit requirement. Where Axos falls in line behind some other banks on this list is its APY, which is just 0.25%. (With that said, they do have three physical locations in San Diego, Las Vegas and Columbus, Ohio.) Their online interface is top notch, and the MMA comes with a debit card to make accessing your account easier and peer-to-peer payments to make sending money to peers possible. Axos Bank was founded in San Diego in 2000, and is an original player in the online-only banking space.

Best cd interest rates in nj