High yield money market accounts?

Is it safe to go with an online account for a high-yield money market account? Who is the best?

Is there a credit check required?

There are a lot of scams on line. If they promise 1% a day, or even 1% a month, they are a scam.

You should consider the Vanguard Prime Money Market Fund with a current compound yield of ~4.55% APR.
https://flagship.vanguard.com/VGApp/hnw/...

If you are in a high tax bracket you may prefer their tax exempt money market funds:
https://flagship.vanguard.com/VGApp/hnw/...

Sometimes other institutions will have a higher teaser rate, but Vanguard tends to have the highest yields I've found over the long run. (Vanguard money markets are not FDIC insured, however.)

Article on teaser rates:
http://www.marketwatch.com/news/story/ba...

Bankrate.com provides links to CD's with high interest rates as well as high interest rate banks.
http://www.bankrate.com/
http://www.bankrate.com/brm/rate/deposit...



ING and HSBC often have rates close to Vanguard, and most of their products are FDIC insured. You can check these at the following links:

http://home.ingdirect.com/open/open.asp
http://www.us.hsbc.com/1/2/3/personal/sa...

If you are investing for a long period of time and are willing to accept some volatility, you should consider putting some money into no-load low-expense mutual funds. These are not guaranteed, but over the long run produce much higher returns.

i don't know wtf that is but if it's "promises" large amount of money...then most likely it's bull-crap...scam... fake don't fall for it!!

edit**** unless you know someone who actually uses those accounts and says "it works"

Yes they are great. I use ING. www.ingdirect.com only because I've been with them for so long. for the best rates available go to www.bankrate.com click on CDs and Investments. and search for what best suits you.

If your looking for a plain savings account use their Money Market rates, they are what Bankrate calls savings accounts, and they are great. You can find rates that trounce your local bank for sure. and even rates that beat ING.

Best of luck, and happy saving!

Money markets have been save, so far..
but the problem is they aren't insured by the FDIC as cd's and savings accounts are.
There are some high yield money market funds that invested in siv's which were linked to the sub prime debacle. I took our money and put it into the best 6 month cd's I could find.
You can research rates on bankrate.com (for cd's, money market, credit cards etc.)
On the other hand, if it isn't a large amount of money.. such as just what you have in your checking.. charles schwab pays 4% on money you leave in a checking account in their banking side.
Money markets shouldn't do credit checks.. you're just depositing your cash.

Money markets through a Bank are insured by FDIC. If you put it in Mutual Funds, they are not insured by FDIC .If you got High Yield, the minimum to transfer to your checking account is usually $10,000. So if you need $1000.00,Just transfer the 10,000 then put back the 9,000 back in the High Yield.