What is a Money Market Account?
A Money Market Account, also known as MMA or Money Market Deposit Account or MMA, is a mix between a savings and a deposit account. While you can withdraw money out from the account, same as with a checking account, you can also earn interest from the money you keep in the account, the same as a savings account. Some banks will require you to hold a minimum balance for this type of account, and they usually offer slightly higher interest rates (or very similar) to regular savings accounts.
How Do you Choose the Best Money Market Account?
First, you need to consider if a Money Market Account is the best solution for your needs. Once you determine that this type of account is the best fit for you, consider the minimum opening balance, as some banks will require a minimum amount deposited in the account to open one. After that, look for the interest rates: the higher the interest rate offer to more interest you will earn on the money held in the account. You should also look into the monthly fees or any other fees associated with the account, as well as the limits in transactions, to make sure you’re happy with them.
Money Market Accounts Providers
View here some banks and financial companies offering money market accounts:
Learn more about CIT Bank offering personal, business, and commercial banking services and checking and savings accounts.
Discover is an online bank that offers online banking products such as checking and savings accounts, loans, and reward credit cards.
Ally Bank makes it easier to save, borrow, and invest. This review will cover the key details you should know before opening an account.
Axos Bank offers online personal and business banking solutions like checking and savings accounts and lending services like personal loans.
What Do You Need to Open a Money Market Account?
Once you have compared the different banks offering Money Market Accounts and identified the best one for you, you can open the account. You will need the minimum balance deposited into the account when opening the account, and some banks will require you to undergo a background credit check and fill out application forms. If you’re already a client for the bank you want to open the account with, you may be able to do so over the phone, and you may get extra benefits too.
