Oddity with OSA and MMA interest rates
I have a high yield savings and a money market account at the same online bank. I had always thought that the interest rates paid were the same, but I looked closely and the MMA is .25% higher than the OSA account! If anything. I would have thought the other way around. Why would the money market be higher??
So, I am trying to figure out what is best for me:
Do MM rates fluctuate more than OSA? If not, I should move my money.
Any reason you can think of to keep both open? Since MM has better features and if higher interest, I can't see one.
Thanks.
-
Official comment
Hi Rebop! Thanks for posting to the NerdWallet Community Forum.
While we can't offer personalized financial advice, this resource may help:
One more option is to have your question answered on the NerdWallet SmartMoney podcast. Call or text 901-730-6373 or email podcast@nerdwallet.com to submit your question.
Best Regards,
Victor
Comment actions -
Thanks, but does not help at all. I understand the differences. Logic says interest should be highere on the less featured, not ATM, no check Savings yet it is the opposite. That is my question.
Part 2, optional: In general, do rates on MM fluctuate more than Savings Accounts?
Nothing else needs answering. Hard to construe as asking for personal financial advice.
Please sign in to leave a comment.
Comments
2 comments