What Is A Money Market Account?
A money market account is a type of savings account that typically earns higher interest than a traditional savings account. They are offered by banks and credit unions and are usually FDIC-insured up to $250,000.
Money market accounts typically require a higher minimum balance than a traditional savings account and may have more restrictions on withdrawals. They are a good option for people who want to earn higher interest on their savings and who don’t need immediate access to their money.
How Does A Money Market Account Work?
A money market account is a type of savings account that typically requires a higher minimum balance than a traditional savings account. In exchange for this higher balance, banks will usually offer higher interest rates on money market accounts. The interest rates on a money market account are often tiered, meaning that the higher your balance is, the higher your interest rate will be.
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