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If a person has money market accounts at two FDIC-insured banks, each account will be insured separately up to the established limit of $250,000 per depositor, per FDIC-insured bank, per ownership ...
For example, if you have $150,000 in checking, $100,000 in savings and $50,000 in a money market account, then that’s a total of $300,000 at a single FDIC-insured financial institution.
A money market account covered by FDIC insurance is protected up to $250,000 per depositor, per insured bank for each account ownership category, according to the FDIC.
A money market account is a type of interest-bearing account that combines the best of a high-yield savings account with the features of a checking account. MMAs offer rates of 4.5% APY or higher ...
Differences between money market accounts and money market funds. Opened at a bank or credit union. Comes with the protection of federal deposit insurance. Funds earn a stated interest rate, which ...
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. [7]: 15 The FDIC was created by the Banking Act of 1933, enacted during the Great Depression to restore trust in the American banking system.
For federally insured credit unions, the funds in a money market account are insured by the National Credit Union Administration (NCUA), which has the same rules as the FDIC for how much of a ...
Money market accounts work like a mix between a savings and a checking account. They come with the potential to earn higher interest rates, but may also let you write checks.