Money Market Accounts

This is an is an interest bearing account that typically pays a higher interest rate than a savings account

It is an unlisted managed investment scheme, with investment objectives of capital preservation and yield profit.
Who is it managed by?
The Fund is managed by market professionals, who pool the savings of individuals and invest them in a larger range of fixed interest products than available to most individuals.

- These fund managers invest in term deposits and high quality, highly liquid, short term securities, usually with maturities of less than one year, providing higher returns than term deposits but with relatively low levels of risk.

Your deposits in most money market bank accounts are insured by the FDIC, and they are among the safest places you can put your savings.

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.