A money market account is an account that banks offer that is similar to a savings account. There are a few differences between a money market account and a basic savings account. The biggest one being that they tend to have a higher interest rate. Which means you will get a higher return on the money you keep in there. They also however tend to have a higher starting deposit, sometimes as high as $2,500.00 They also limit the number of withdrawals you can make in one month, usually between 3 and 6. Most every bank that offers money market accounts is insured with FDIC so you need not worry about losing your money.

This entry was posted on Tuesday, September 11th, 2007 at 6:54 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.