What Are Money Market Deposit Accounts?
If you want to save money, then you may want to consider a money market deposit account. They have a number of advantages when compared to savings accounts. Money market deposit accounts are flexible and provide you with several features and benefits that a basic savings account will not have.
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Opening Deposit
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If you open a money market account, your opening balance will be higher than a savings account. Depending on the bank, you could need between $1,000 and $2,500.
Interest Rate
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Money market deposit accounts pay a higher rate of interest than a savings account, which allows your money to grow faster.
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Withdrawals
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When you have a money market deposit account, the amount of withdrawals permitted per month is usually fewer than six. This varies by bank.
Checks
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Even though money market deposit accounts are savings accounts, you are allowed to write checks. You are usually limited to 3 checks per month.
Minimum Balance
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Money market accounts require you to maintain a minimum balance. If you go below your minimum balance, you will be subject to a penalty in the form of a fee. The minimum balance may be less than the required opening balance.
ATM Card
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You can access your money by using an ATM card. Your bank may not count the ATM transaction as one of your six withdrawals. This will vary from bank to bank.
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