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Since their creation in the 1970s, money market accounts have been a popular way for families to save money – particularly when starting a child’s education fund. Money market accounts are like a hybrid of some of the bank’s most popular products – including investment products along with secure financial options. Put simply, a money market account lets you write checks like a checking account, while getting an interest rate comparable to a savings account. This means you don’t have to keep your money tied up (like with a certificate of deposit) in case of an emergency, but it also allows you to collect interest on your deposit.

Why Investing in Stocks is a Risky Idea

Many people saving for their child’s education suddenly find that by the time their child gets close to college age, the cost for college has increased dramatically. It’s not surprising, since over the past few years alone, college tuition costs have increased up to 40%. Parents, who may be snowed under with debt or struggling to make ends meet, are looking for a quick way to make up the difference, so they hurriedly invest in the stock market. Doing so without any experience or knowledge of how stocks operate is risky and downright perilous in today’s economy. Read more