How to Use The Money Market Calculator to Determine Your Return on Investment
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Posted On :
Aug-26-2011
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Article Word Count :
591
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High yield money market accounts are a great way to save for purchases large and small. What you may not realize, however, is that you can easily estimate what your earnings will be by using a money market calculator
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High yield money market accounts are a great way to save for purchases large and small. What you may not realize, however, is that you can easily estimate what your earnings will be by using a money market calculator. While paying a rate that’s comparable to, or even slightly higher than a savings account, money market accounts give you the added flexibility of being able to make withdrawals from your account – up to six per statement cycle. That means you have easy access to your money when you need it most.
Putting a Money Market Calculator to Use
Many different factors can influence the return you get when using a money market calculator. Rates – even on high yield money market accounts – can change on a daily basis.Then, there is the assumption that you will save your money and not withdraw it (even though you have the convenience to do so). With a calculator, you first choose the amount for your opening deposit.
As with most banking products, the more you deposit, the more you can conceivably earn over time. Some banks, such as aurorabankfsb.com, have a low minimum deposit rate, meaning you can concentrate on your savings goals while making your money work harder for you. Plus, by maintaining the minimum account balance, you’ll avoid monthly charges and account fees that can eat away at your hard earned savings.
Making Scheduled Deposits – Made Easy
A money market account calculator does more than just show you what you’d earn with your opening deposit over time. It’s a good idea with any banking product to make deposits on a regular basis, so that not only are you putting the benefit of compound interest to work (that is, interest the bank pays you each day on top of the interest they pay you on your existing deposit amount over $1,000), but you’re also working to reach your savings goals even faster.
With a money market account calculator, you can include the amount and frequency of your scheduled deposit. Want to make an extra deposit of $2,000 a year? The calculator can handle it with ease. Want to ramp up your savings even more with an extra $200 a week? No problem. Even if you don’t plan on making any future contributions to your money market account, the calculator can still take that into consideration when adjusting your potential earnings.
Watch Your Money Grow
With a money market calculator, you can also select the number of years you plan to keep the account open. Whether it’s for one year or fifteen years, the calculator can adjust seamlessly to give you an easy, visual idea of your return on investment. You’ll also see what you’d be earning at the current interest rate. Don’t be surprised if you get a smile on your face as you see that rate continue to grow!
Keep in mind, however, that as with any projection, a money market account calculator is meant to give you a general idea of what your savings could be. That’s why, if you want to start now and lock in a competitive rate, it’s a good idea to go to aurorabankfsb.com and visit the money market page. From there, just click the Open Account button and follow the simple steps to get started managing and building your savings with ease. The sooner you start, the sooner you could be well on your way to meeting your savings goals.
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Article Source :
http://www.articleseen.com/Article_How to Use The Money Market Calculator to Determine Your Return on Investment_77161.aspx
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Author Resource :
Jess Hall writes out of Jersey City about her personal finance experiences and challenges, including her latest investment on money market accounts (MMAs) from banks like www.aurorabankfsb.com. She also likes to read money articles and news to stay up to date, such as https://www.aurorabankfsb.com/article
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Keywords :
money market, money market calculator, money market account, market calculator,
Category :
Finance
:
Finance
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