What Is A Money Market Account: Know The Important
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what is a money market account A money market account (MMA) is a type of savings account that typically offers higher interest rates than traditional savings accounts while providing some limited checking account features. Money market accounts are a popular choice for individuals looking to earn more on their savings while maintaining easy access to their funds. Here’s a closer look at what money market accounts are, how they work, and their advantages and disadvantages. Key Features of Money Market Accounts 1. Higher Interest Rates One of the main attractions of money market accounts is their competitive interest rates. While rates can vary significantly among financial institutions, MMAs generally offer better returns compared to standard savings accounts. This is particularly beneficial for savers looking to grow their funds over time. 2. Limited Transactions Money market accounts are subject to federal regulations that limit certain types of withdrawals an...