Money Market Accounts

Money market accounts are similar in some respects to a savings accounts. They are bank products that allow a consumer to deposit their money and earn interest on the balance. Typically money market accounts will carry higher interest rates than traditional savings accounts, but this can depend on the markets.

While their are many similarities between money market accounts and savings accounts, they are not the same product. With the higher interest rates on money market accounts, generally comes higher minimum balance requirements. Also money market accounts can commonly come with check writing options, but like savings accounts are limited in the number of certain types transactions that can happen per month.