A money market fund is an investment product offered by traditional and online brokerages similar to other mutual funds.

Anything over that number and the institution may charge an excess withdrawal fee.ĭon’t confuse a money market account with a money market fund. Withdrawals and transactions are generally limited to six per month. Like a checking account, MMAs often come with a debit card, ATM card or check-writing capabilities to make accessing your money more convenient. Like a savings account, MMAs generally pay interest. These accounts are somewhat of a hybrid between checking and savings accounts. What Is a Money Market Account?Ī money market account (MMA) is a deposit account found at banks and credit unions.

Instead, you can withdraw by transferring funds to a linked checking account or a branch if you save with a traditional bank. These accounts usually don’t offer an ATM card, debit card or checks. You’ll also find savings accounts for kids and specialty savings accounts, such as a Christmas Club account.īanks and credit unions typically limit the number of withdrawals and transactions you can make per month from a savings account to six. Online banks, on the other hand, often provide high-yield savings accounts. The interest rate depends on where you do your banking and the type of savings account you open.įor example, brick-and-mortar banks generally offer regular savings accounts, often earning a low interest rate. Savings accounts are available at traditional banks, credit unions, and online banks. You can link this type of account to other accounts, such as a checking account. A savings account is a deposit account found at banks and credit unions that you can add money to regularly.

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