What is a money market account?

Some money market accounts come with debit card and check-writing capabilities.
A money market account is an interest-earning bank account.
Both money market and high-yield savings accounts earn high interest rates.
Both types of accounts limit withdrawals and transfers to six times per statement cycle.

Money market accounts, like high-yield savings accounts, are a popular and expert-recommended vehicle for storing cash you’ll need in the short-term. 

We’ll go through standard money market account features, and how it compares to other types of bank accounts.

What is a money market account?

A money market account is an interest-earning bank account available at many banks and credit unions that may be used for storing savings. The best money market accounts offer a strong interest rate with easy access to your money, good customer service, and low or no monthly service fees.

Money market accounts usually have the following features: 

A variable interest rate: The interest rate of a…

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This article was written by Tanza Loudenback,Laura Grace Tarpley, CEPF and originally published on www.businessinsider.com