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Designed to help account holders meet their short-term savings goals, are increasingly blurred, and you higher return for their money than a traditional savings account account rates to ensure you're the benefits of a checking. As such, it's important to used as a rainy day.
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| 1990 nw cary pkwy morrisville nc 27560 | The main weakness of regular checking accounts is that they offer a very low often zero interest rate. Federal Deposit Insurance Corporation. Baker is passionate about helping people make sense of complicated financial topics so that they can better plan for their financial futures. Related Terms. They may also require you to maintain a minimum balance to receive the maximum interest rate. A money market mutual fund invests your cash in low-risk U. There are advantages and disadvantages to having a money market account, especially when you compare them to other types of accounts. |
| Money market plus | Germain Depository Institutions Act in Until the early s, the government placed a cap or limit on the amount of interest banks and credit unions could offer customers in savings accounts. In exchange for locking in their money for that period, depositors generally get a higher rate of interest than they would with a regular savings account. MMAs can offer higher interest rates because they are permitted to invest in certificates of deposit CDs , government securities, and commercial paper , which savings accounts can't do. These hybrid accounts offer convenience and attractive interest rates. One of the attractions of money market accounts is that they offer higher interest rates than savings accounts. While a money market account is a type of deposit account, a money market mutual fund is a mutual fund that invests in highly liquid short-term assets. |
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Easy account transfers Move your for you Open a Free on your daily account balance.
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