In many families, it has long been tradition that give the grandparents of a grandson or granddaughter of a savings account with a generous contribution and pay a small fee each month on it. About the money should have the children if they are of age. Reagan Silber During this time, a tidy sum accumulated in the savings account. Grandma or Grandpa would have the money deposited in a money market account, would be to emerge with a significantly higher amount. Overnight interest rates will yield substantially more than any simple savings account. Up to three percent interest rates are possible for money market accounts, sometimes the rate is also on the occasion of special events. The savings account, as it presents itself at the moment for most bank, not even creating the step beyond the one-percent limit. Calculated over the years makes this difference in yield is greater. Saves you something, for example, as a teenager on the license, you get faster with the money market account to your destination. Setting up a money market account, only takes a few minutes andcan be done via the Internet at almost all banks. To some personal data may be entered as well as a reference account. Depending on the bank documents must be printed and submitted by mail, or the bank sends the documents ready for signature. The important thing is to lose a cent in interest, to fill in the money market account also an exemption application. Regardless of whether the money market account is to be a gift or you want to save yourself a few euros a month, it is advisable to make an overnight comparison. It is enough to study the offers and to note the mitered corners. These include, in any case, the interest rate, the interest rate cycle - every month, every three months or only once a year - the accessibility of banking and other services such as settlement of transactions by phone or letter. The advantages of an overnight comparison: service, as you need it, and - crucially - more cash at the end of the year.