Difference Between Checking & Money Market Accounts

Series Summary

Finance, whether personal or corporate, refers to money management. Creating a personal budget and managing money organizes personal finances to avoid debt caused by frivolous spending. When a surplus of money is formed, investing is an option that makes money work harder. Investing varies from low-risk certificates of deposit to high-risk stocks. Being smart with money can create a healthy savings for the future or retirement. In this free video series, learn some tips for financing. Our expert, Patrick Munro, is a registered financial consultant. He discusses the difference between different kinds of financing. Learn about short-term financing in the form of credit cards, and learn about long-term financing in the form of mortgages. Curious about CDs? Find out what a CD is and how it relates to money market accounts. Also, get tips for saving for retirement. So, take a moment, and learn more about financial planning today!

Video Transcript

"This is Financial Adviser Patrick Munro talking about what is the difference between a checking account and a money market account. The difference between a checking account is that a checking account has expenses design in processing the checks that are written. There's also some collection items sometimes, if the individual goes overdrawn on their checking account. The money market account is different in so much as it is a yielding account. That is out there and there is no check writing privileges on a money market account. As a result, there's a less drag on the financial institution and less expenses involve in the making of that particular account. However, for the convenience of the customer, there can also be a debit or credit card attach to the money market account in which case there's no check writing privileges but they can still use it for utilitarian purposes. This is Patrick Munro talking about the difference between checking and money market accounts when it comes to your financial future."