Money market accounts is an interest-bearing account that typically pays a higher interest rate than a savings account, and which provides the account holder with limited check-writing ability. The account thus offers the holder benefits typical of both savings and checking accounts. This type is likely to require a higher balance than others and is Insurance Corporation insured. 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 account holder may take over a given period of time. This restriction makes them less liquid but more liquid than bonds. it pursue investing deposits in vehicles such as certificates of deposit, government securities, and commercial paper that offer higher yields than are found in savings accounts.

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.

Money market accounts enable an account holder to recieve a better interest rate than they typically would on a savings account while also allowing them check writing abilities as with checking account (albeit limited). Hence the benefits of this account type combine both those of the checking and savings account. The account usually requires a higher balance compared to it's counterparts due to it's added advantages. The account can be opened like any other account. It would be wise though, to do some comparisons in order to determine which bank better meets your requirements for the account.