What is a Money Market Account?
A money market account is an interest-bearing account at a bank or credit union—not to be confused with a money market mutual fund. Sometimes referred to as money market deposit accounts (MMDA), money market accounts (MMA) have some features not found in other types of accounts. Most money market accounts pay a higher interest rate than regular passbook savings accounts and often include checkwriting and debit card privileges. They also come with restrictions that make them less flexible than a regular checking account. They are important for calculating tangible net worth.
The lines between high-yield savings accounts and money market accounts are increasingly blurred, and you may want to compare both money market accounts and savings account rates to ensure you’re picking the best product for you.
Money Market Accounts vs. Savings Accounts
How Money Market Accounts Work
Money market accounts are offered at