A money market accounts are
interest-bearing account that
typically pays a higher interest
rate than a savings , and
which provides the account
holder with limited check-writing
ability. A market account
thus offers the holder of the account
benefits typical of both savings
and checking accounts. This type
of account is likely to require a
higher balance than a
account of savings and is Fed. Deposit
Insurance Corporation
are
typically able to offer higher
annual percentage yields than
savings as the vehicles
invest in a variety of options
from which traditional passbook
accounts are restricted. Banking
institutions provide access to
insured money deposit
accounts (MMDA). MMDA’S offer
FDIC backing and the portfolios
typically invest in short-term,
liquid securities. They are able to
offer a higher interest rate by
requiring a higher minimum
balance, and by placing
restrictions on the number of
withdrawals the holder
may take over a given period of
time.

When opening an account with any bank, individuals will often check for whether the account has checking privileges and what interest benefits it offers. Most accounts that banks offer, give you either one of these benefits but not both. A checking account will allow you to write checks, but no interests. A savings account on the other hand will only offer you interest on your savings. Money market accounts are then a good choice for an individual that wants both priviledges. It will offer you a higher interest rates compared to savings and allow you limited checking abilities. The downside (which could also be an upside) is that they often require a higher initial deposit that its counterparts. Other than that, it is a recommended account that any investor should have.

MONEY MARKET ACCOUNTS

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