For the type of mutual fund, see Money market fund. High-Interest Checking Account. Some of the benefits of MMAs include higher interest rates, insurance protection, check-writing, and debit card privileges. May pay a better interest rate than a regular savings account.
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open.investingbusinessweek.com � ask-cfpb � what-is-the-difference-between-a-. Most demand deposit accounts (DDAs) let you withdraw your money without advance notice, but the term also includes accounts that require six.
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Read MoreThey may require bigger minimum deposits and balances compared to savings accounts. But typically the number of withdrawals permitted each statement period is limited to six, as with a savings account. Usually has a lower minimum opening deposit and lower balance requirement than a money market account. Most money market accounts pay a higher interest rate than regular passbook savings accounts and often include check-writing and debit card privileges. Are Money Market Accounts Safe? Updated Sep 25, Withdrawal: Definition in Banking, How It Works, and Rules A withdrawal is a removal of funds from a bank account, investment plan, pension, or trust fund.