Are money market rates worth looking into?

Dear John, I suggest you mention to your readers the much higher yields available in money market accounts — 1.3 percent at CIT; 1.24 percent at Popular Community Bank; 1.11 percent at Everbank and others — compared with the abysmally low rates in regular checking accounts, such as JPMorganChase’s .01 percent or Wells Fargo’s .03 percent.

Some money market accounts require only a $500 minimum.

Goldman Sachs offers a 1.2 percent annual percentage yield (APY) and only a $1 minimum deposit.

State Bank of Texas offers 1.55 percent APY on accounts with more than $100,000 on deposit.

This is not the highest that I have found. Northpointe Bank offers 5 percent on checking, but requires many debit transactions per month, more than I am prepared to change my lifestyle to make.

True, you are limited by federal rules on MMA to a total of six checks or ACH bank-to-bank transfer each month, but the liquidity and increased-interest-rate APY makes it worthwhile. R.K.

Dear R.K.: Thanks for the information.

Checking accounts have never paid much. So the main point here is to keep only enough money in your checking account to pay bills.

There are a number of places online where you can see the highest rates paid on savings accounts as well as the best deals on mortgages. I’d recommend you take a look at BankRate.com for that information.