This type of account 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. Interests are paid based on current interest rates in the money markets and it usually requires a higher minimum account balance than the normal savings account. It is typically able to offer higher annual percentage yields than other accounts as the vehicles invest in a variety of options from which traditional passbook accounts are restricted. Money market accounts fund minimums to establish an account vary among financial institutions as the case may be. Eschewing brick-and-mortar options for an electronic market presence, online banks are able to offer higher rates through reduced costs.
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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.
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