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Money market account definition

Table of contents Savings accounts vs. And speaking of fees, make sure to look for them, including whether the account charges a penalty if you close it within three months of opening. Money Market Account. Restrictions on withdrawals: While you might write checks or use a debit card to move money out of your money market account, there are limits because these accounts are not primarily built for a high volume of transactions.

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calendar_month 12.08.2020

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Monthly spending tracker

calendar_month 16.08.2020

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calendar_month 16.08.2020

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calendar_month 18.08.2020

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If you would like to have some accessible savings, rather than locking your money away in a CD, a money market account could be a good way to achieve that while still earning interest. Part of a series on financial services. Potential disadvantages include limited transactions, fees, withdrawal restrictions, and minimum balance requirements. The Depository Institutions Deregulation and Monetary Control Act of set in motion a series of steps, designed to phase in the deregulation of bank deposits, permitting a wider variety of account types, and eventually eliminating interest ceilings on deposits. As such, an MMA may be a good idea to save for a specific purchase, such as a vacation or a down payment for a car. Written by Margarette Burnette.