Opening a money market checking account
I want to open an interest bearing checking account. What is the best place and/or way to do this? I have a Capital investment account. I turn 74 this month, so I am taking RMDs.
I’m getting a sum of money that I want available to use for household repairs, etc, but don’t want it in a simple savings account.
Terry Says
All financial institutions offer FDIC-insured money market deposit accounts, with varying rates of interest. Just make sure that the account you open does not limit the amount of transactions you can make in any one month, or year — including check-writing, balance transfers to your checking etc.
Then just tell your retirement plan custodian where you want your RMD check sent every month (or quarter) — And be sure to ask them to withhold income taxes!
