Money Market Account Withdrawal Rules

MMAs are high-yield savings accounts.

Money market accounts, or MMAs, are a type of savings account that pays a higher interest rate than standard savings accounts, according to Financial Web. In exchange for the higher payout, MMAs have several money withdrawal restrictions.

Time Frame

MMAs limit account holders to six withdrawals per month, according to Financial Web. Additionally, MMA account holders are limited to writing three checks from their account per month.

Minimum Balance

Unlike most regular savings accounts, MMAs have minimum balance requirements. According to Financial Web, MMAs minimum balance requirements range from $500 to $2,500.

Warning

If account holders disregard the time frame and minimum balance withdrawal rules, their banking institution may charge them fees or deny their transactions.

References

• Financial Web: Money Market Accounts and Mutual Funds
• Get Rich Slowly: An Introduction to Money Market Accounts