Review:
Money Market Account
overall review score: 4.5
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score is between 0 and 5
A money market account is a type of savings account offered by banks and credit unions that typically offers a higher interest rate than a regular savings account. It often requires a higher minimum balance and limits the number of withdrawals you can make each month.
Key Features
- Higher interest rate than regular savings account
- Minimum balance requirement
- Limited monthly withdrawals
Pros
- Higher interest rates
- Safety of deposits up to the FDIC insurance limit
- Easy access to funds compared to other investments
Cons
- Minimum balance requirements may be high
- Limited withdrawals per month