![]() A money market account is essentially a combination of a savings account and a checking account: deposits are easy and unlimited and you have the abilitiy to make withdrawals by electronic or telephone transactions or conveniently make payments with a check. The amount of interest that a money market account offers varies from bank to bank.īut what really sets this type of account apart from other savings accounts is their unusual versatility. As with most savings accounts, they pay interest on the money that you leave in your account and they are typically FDIC insured. Money market accounts-also known as money market deposit accounts (MMDAs)-are interest-bearing deposit accounts that are specifically designed to securely hold a depositor's savings. It's the best of both worlds.īelow, we outline how money market accounts work, pros, cons, and the steps you'll need to take to open a money market account. But unlike more traditional savings accounts, money market accounts make it easier to pay for big-ticket purchases directly from your account. ![]() Similar to a high-yield savings account, a money market account offers the security of a federally insured deposit account paired with a competitive interest rate. If you're looking for a safe but rewarding place to store savings but don't want to give up easy access to your funds, a money market account could offer just what you need.
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