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Pros of money market accounts. Money market accounts are interest-accumulating accounts you can open at a bank or a credit union.What differentiates these accounts from other savings accounts is ...
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.
When you make a deposit in a money market account, it does more than just sit there. It grows. The average money market account rate is currently 0.48 percent, according to Bankrate data. Make ...
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.
Bank of America’s basic savings account has a $100 minimum opening deposit. There’s also an $8 monthly fee that’s waived if: You maintain a minimum daily balance of $500.
This compares to the 0.01% APYs some of the biggest national banks like Chase and Bank of America pay. ... Money market account. ... Minimum balance requirements. High account minimums can be a ...
Money within a money market account is insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration for up to $250,000 per person, per account.
A money market account also provides interest on your available balance, which may be higher than a traditional savings account. You may need to meet specific minimum balance requirements or other ...
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