Many investors who want a more conservative investment that is still somewhat lucrative want the best money market rates they can find.  It is tough to go through all the available choices to find a money market fund that can keep your cash safe and still provide a reasonably decent return on it. You can find many sources of information on money market rates so the careful investor can always find something that works for him.

The first place to go looking for the best money market rates is your local bank.  Many banks have accounts that offer good rates with relatively small deposits.  These accounts have rules about how often you can make withdrawals without penalty so be sure to read the fine print when opening an account.

Frequently these accounts are not as well advertised as other types of checking or saving accounts so it helps to be specific and ask around when you go into your local branch to set it up.  Also, if your bank provides online banking, then search around for these types of accounts.  Be sure to check other banks in your area for better rates.

The next best source is the Internet. You can also find information on how money markets work.  However, be careful.  Make sure that the funds have the proper backing such as FDIC insurance.  For example, money market deposit accounts at FDIC insured banks are protected up to $250,000.   Other types of money market accounts, like investments in mutual funds, are not insured at all.  If the fund fails, you do not want your money to disappear along with the fund.  

Also, understand that risk versus reward also applies to money markets as well.  If a rate is too good to be true, then make sure you understand how the fund is making its money and what risks the fund manager is taking on.  All of this information can be found in the fund's prospectus.  Read it carefully because your money depends on it. In the past, the government has bailed out or guaranteed some money market funds.  This should not be taken as a guarantee that this will happen in the future.  Also, understand the fee and cost structure of the fund as these can eat into that good rate.  

Many sites offer to find the best money market rates available. If an investor is looking for something that is a reasonably safe investment but also one that can give good returns as well, it pays to do your shopping and to understand where you are putting your money.

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