Money market funds vs. money market accounts — Which is better?
Here are the pros and cons of money market funds and money market funds.
The key to successful investing is to take action and not let fear or over-analyzing prevent you from taking advantage of the benefits of compound interest over time.
— Mercedes Barba
Mercedes Barba was a senior editor at Bankrate. Prior to this, she served as a senior editor at NextAdvisor and led the video team at Money.com, where she executive produced a short documentary that received an Emmy nomination. In her free time, she enjoys spending time with her son Luke and two pet dogs.
The key to successful investing is to take action and not let fear or over-analyzing prevent you from taking advantage of the benefits of compound interest over time.
— Mercedes Barba
Here are the pros and cons of money market funds and money market funds.
If you're not worried about funds and simply want a cheap and flexible platform for stocks and options, Ally has you covered with a low-cost structure and great tools.
Competitive pricing on stocks, ETFs and options will prove welcome with traders, though others may find the lack of account types, limited available securities and high transfer fees off-putting.
Zacks Trade might appeal to active traders with its advanced platform and extensive research resources, however its high account minimum, a monthly inactivity fee, and charges for mutual fund trades may not be attractive to new investors.
Lightspeed brokerage focuses on serving active traders with large amounts of trades, and offers benefits like lower prices and access to multiple powerful trading platforms, but it doesn’t prioritize small costs offered by other brokers.
If you're a novice investor but serious about getting more involved with the market, TD Ameritrade will hold your hand every step of the way.
Charles Schwab offers a robust and cost-effective platform that offers something for everyone, from a wide array of commission-free funds to deep research to rich educational resources.