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Money market account definition

For information about insurance coverage for money market mutual fund accounts, in case your brokerage firm fails, see the Securities Investor Protection Corporation SIPC. Like a savings account, they are a type of deposit account for savers, But a major difference between the two is that a money market account tends to offer some checking account features. Pros Higher interest rates Check-writing privileges Debit cards Insurance protection.

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For the type of mutual fund, see Money market fund. A money market account is an interest-bearing account you can open at banks and credit unions. Adam Hayes. Lisa Goetz. Learn more about how timing and risk tolerance helps you determine where to put your money, and find the accounts with the best CD rates this month. Banks and credit unions offer many types of accounts, some with features that can make them competitive with�or superior to�money market accounts. Consider opening a money market account if you want a predictable yield and a federally insured account.