A money market account (MMA) is a lot like a savings account, but with different guidelines and restrictions. There’s a higher minimum deposit, starting around $2,500. Withdrawals are limited to an average of three to six per month. The good news is that their interest rates are typically higher than with a savings account. And these days, many MMAs will let you write checks from them.
Here are some things to consider before opening a money market account:
Not sure if you should be saving or investing? We have a Saving vs. Investing page to help you decide. Or take a look at our savings calculator to see if MMAs are for you. Still deciding when and how to save, Savings 101 can help guide you.