If you are someone who likes to work on building up capital for those rainy days, but doesn’t like the thought of fixed deposits or accounts where you have to wait over 30 days to get access to your money, then this is possibly a good article for you.
A few years ago, when my hubby and I were still very wet behind the ears when it came to running a business, a friend of ours started talking about a Money Market (FNB) account and how useful it has become.
We decided to investigate further with our bank and we got a Market Link account set up VERY QUICKLY when we understood how it worked and how useful it could be!
I, myself, have my own Market Link account and we use one for our business. Any spare cash is stored in the Market Link account and we have earned good interest over the years.
Quick Facts about a Money Market / Market Link Account
- Good interest
- Regular payments can be setup to be moved to that account
- Access to your money when you need it – no waiting around
- Expensive to transact from i.e. you don’t pay your bills from an account like this. You would ideally move money from your Money Market / Market Link account into your Savings / Cheque account and pay your accounts from there.
- Easily usable on internet banking.
- You will require a startup amount to get a Market Link account sorted.
- The more money you have in the account, the more your interest rate will potentially be.
Please Note: Some banks will vary, so make sure to check the pricing guide and understand the different costs to ensure you utilise the Money Market / Market Link account.
I love the concept of a Money Market / Market Link account as it provides me and our business the flexibility to move money around as we please. You do need to understand the different charges of moving money to and from accounts and paying out of your Money Market / Market Link account. But, once you know that (it will take a max of 15 minutes), you are sorted, and earning a whole lot more interest than any spare cash is earning in your bank account currently.
Call your bank manager or visit your bank’s website for more information. If you do internet banking, some banks allow you to setup an account online, so go for it now!
Join the List
Subscribe to our mailing list and stay informed on what's happening on MomTalk!