With the wild ride that banking institutions and insurance companies have been on lately, you might wonder how safe is your money? You can check out a bank's FDIC insurance status by going to the FDIC's Bank Find tool and typing in the name of the bank.
You have a $100,000 FDIC limit for single accounts, $100,000 for your share of joint accounts, and up to $250,000 for certain types of retirement accounts, including IRAs. For example, if you have an individual account, a joint account and an IRA at one bank, you'll get $100,000 of FDIC coverage for each one of those accounts. You can estimate your coverage limits at the FDIC's electronic deposit insurance estimator. For more information, see the FDIC's FAQs about deposit insurance.
The reason you might not recognize many of the names on the top of the interest-rate list is because many of the banks offering the best money-market rates now are Internet-only banks. They're often able to offer such high rates because they don't have the overhead of bank branches. Some have names you'll recognize, such as huge insurance company MetLife, which now has an Internet-only bank. And ING, whose Orange Account is always near the top of the interest-rate list, is a giant international insurance company.
For a list of the top-yielding money-market accounts available in your area -- and top yields on other types of accounts -- see our Yields & Rates page.