By Peter Bosworth A money market account is a type of deposit account that comes with higher interest rates than most savings accounts. In many ways money market accounts are similar to standard savings and checking accounts. But there are three big differences:
Money market accounts…
Pay higher interest rates.
Require higher minimum balances.
Limit the number of withdrawals you can make.
Money market accounts, sometimes called money market deposit accounts, should not be confused with money market funds. A money market fund is an investment product that invests in cash or cash-equivalent securities. Money market accounts are a savings vehicle, not an investment vehicle.
When to Use a …read more
