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Money market account definition

Get higher interest rates without the risk of investing in the equity markets. On the other hand, money market accounts usually limit the number of transactions you can make by check, debit card, or electronic transfer. APA: Cabello, M. If you take it out early, you might have to pay a penalty.

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calendar_month 24.01.2021

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calendar_month 27.01.2021

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calendar_month 27.01.2021

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calendar_month 27.01.2021

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calendar_month 29.01.2021

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Read more about high-interest savings accounts. Pros and cons of savings accounts What is a money market account? Most notably, money market funds are not covered by FDIC insurance, and you could lose your principal. This type of checking account may offer a sign-up bonus and other rewards, such as high yields, ATM fee reimbursements, airline miles, or cashback. Like a money market account, they are often insured through the Federal Deposit Insurance Corp. Richard Best. It pays a fixed interest rate for a set period of time.