money market account

Definition

A savings account which shares some of the characteristics of a money market fund. Like other savings accounts, money market accounts are insured by the Federal government. Money market accounts offer many of the same services as checking accounts although transactions may be somewhat more limited. These accounts are usually managed by banks or brokerages, and can be a convenient place to store money that is to be used for upcoming investments or has been received from the sale of recent investments. They are very safe and highly liquid investments, but offer a lower interest rate than most other investments.

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I had to check with my money market account to make sure everything was the way that I thought it would be.

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Marty was pleased to discover that his local bank offered many services, including a money market account to store cash he planned to invest.

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Leona decided to put her money into a money market account instead of a checking account because she wanted to get a higher interest rate but still needed to write out a few checks each month.

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money market deposit account broad money