Money Market Account, Explained
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Money Market accounts are similar to savings accounts, but they also offer some checking account functions as well, according to Bankrate.
They are accounts that are interest-bearing and can be opened up at banks and credit unions.
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Additionally, Money Market accounts pay competitive rates and are considered a safe place to save your money.
Just as there are limitations to moving money out of a savings account, there are also limitations for a Money Market account as well.
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A Money Market Account should not be used as a checking account for this reason.
You are limited to only six withdrawals per month.
Also, these types of accounts may require bigger minimum deposits and balances compared to a regular saving or checking account.
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