Basics Of Personal Finance (Part 5)
Money Market Accounts are another tool you can utilize in your financial toolbox.
Money market accounts are another common account that you can open at a bank. An MMA account is different from regular savings and high-interest savings accounts. The Money Market Account is yet another financial tool you can use in your financial tool belt.
What Is A Money Market Account?
A money market account is another common one you can open at most banks. It typically provides a higher interest rate than a traditional saving account. A money market account is a combination of a checking and savings account.
A money market account will offer the higher-yield interest rate of a high-interest savings account while allowing you to use a debit card and checks.
Due to the higher interest rate that comes with a money market account, you can mature your money faster. A money market account is not meant to be used for everyday spending, differentiating it from a checking account.
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