Money Market Accounts

There are many options for keeping your money safe and earning a little extra from interest. Like a savings account or CD, a money market account (MMA) is a way to earn interest on money that you deposit at a bank or credit union.

A Happy Medium

An MMA could be seen as a happy medium between a savings and checking account. That’s because an MMA offers the ease of a checking account and the earning potential of a savings account—in other words, high interest rates and accessibility. In fact, an MMA will usually offer higher interest rates than a typical savings account. This means that you can earn more in interest on the same amount of deposited money.

Easy Access

One of the biggest benefits of an MMA is that you usually have easier access to your money than other savings accounts. Money market accounts will often come with checks, a debit card, or an ATM card, meaning that you don’t need to transfer money to a checking account before making payments or purchases. This makes it easy to use your MMA when you’re in a bind or need quick access to more money than is in your checking account. If you’re considering an MMA, be sure to check with your bank or credit union for specific regulations.

Higher Thresholds

To go along with a higher interest rate, an MMA will often require a bigger initial deposit when it’s opened. The minimum required balance, or amount of money that must remain in the account if you want to avoid fees, is also often higher. This can make it more difficult to open and maintain an MMA than a traditional savings account with a lower threshold.

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