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.

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.

MONEY MARKET ACCOUNTS

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