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The money market account offered by Ally Bank is an example of an FDIC-insured money market account. The account earns a competitive yield, and it also comes with a debit card and checks.
Money market deposit accounts. Certificates of deposit. ... You can contact your bank to find out if it offers money market accounts and what interest rates are available to you. As long as you ...
Dig deeper: 6 best ways to FDIC-insure your excess bank deposits. How a money market account works. ... Yes. Money market accounts are insured by the FDIC or the NCUA, offering a layer of ...
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.
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.
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.
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