money market accounts
A Money Market Account (MMA) is a type of savings account offered by banks and credit unions that typically earns a higher interest rate than regular savings accounts. It combines features of both savings and checking accounts, often allowing limited check-writing and debit card access. MMAs usually require a higher minimum balance to avoid fees, but they provide a secure way to save while earning interest. While the returns can vary, they are generally considered a safe investment option, as deposits are insured by the FDIC (in the United States) up to certain limits.
Additional Insights
-
A money market account is a type of savings account offered by banks and credit unions that typically offers higher interest rates than traditional savings accounts. These accounts invest in short-term, low-risk securities, providing a safer place to earn interest on your savings. Money market accounts usually have higher minimum deposit requirements and may limit the number of withdrawals or transfers you can make each month. They often come with check-writing privileges or a debit card, making them more flexible than regular savings accounts while still preserving the accessibility of your funds.