Definition
A type of savings account that often offers higher interest rates and limited check-writing, blending features of checking and savings.
What to consider
- Compare rates and fees to ensure you’re getting a good deal.
- Consider it for medium-term savings goals or emergency funds.
- Review your balance to make sure it grows as expected.
Real world scenarios
- Francine transfers her emergency fund into a money market account to earn slightly higher interest than a regular savings account. She still keeps the funds easily accessible for sudden expenses.
- Devon compares several money market accounts, noticing differences in required minimum balances and withdrawal limits. He picks the one that balances convenience with a good yield.
- When interest rates rise, Grace sees her money market account returns improve. This growth motivates her to continue building short-term reserves.
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