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A money market account (MMA) or money market deposit account (MMDA) is a deposit account that pays interest based on current interest rates in the money markets. [1] The interest rates paid are generally higher than those of savings accounts and transaction accounts; however, some banks will require higher minimum balances in money market accounts to avoid monthly fees and to earn interest.
Opening a money market account at a bank branch gives you the additional options of depositing money with cash or a check. 4. Set up online banking. ... Minimum balance requirements.
Minimum balance requirements. ... but premium accounts — like Bank of America Preferred Rewards — often come with hefty minimum balance requirements of $20,000 or more. ... Money market accounts.
For example, Ally Bank has no minimum balance or monthly fee for its money market account. Usually, if a bank charges a monthly fee for its money market account, there are ways to avoid the fee.
Opening a money market fund may require a smaller minimum balance than money market accounts. Many funds let you begin with $500 to $3,000. ... Like bank accounts, holding money market funds in a ...
Yet a high-yield savings account can also be a great way to store your money, and you can avoid the minimum balance requirements and monthly fees of some money market accounts. This story was ...
Most money market accounts have fairly low minimum balance requirements – as little as $0, in some cases. However, capitalizing on the interest rate that initially grabbed your attention might ...
A money market account is a type of interest-bearing account that combines the strong rates of a high-yield savings account with the features of a checking account. MMAs offer rates of 4.5% APY or ...