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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.
Alternatives to a money market account. A money market account is a secure, low-risk way to plan for a family holiday, save toward retirement or build an emergency fund, but it isn’t the only ...
Banks in the United States offer savings and money market deposit accounts, but these should not be confused with money mutual funds. These bank accounts offer higher yields than traditional passbook savings accounts, but often with higher minimum balance requirements and limited transactions. A money market account may refer to a money market ...
A mutual fund is an investment fund that pools money from many investors to purchase securities.The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in Europe ('investment company with variable capital'), and the open-ended investment company (OEIC) in the UK.
Key takeaways. Top yields across all deposit account types are still outpacing inflation, which is currently at 2.7 percent. At least one money market yield exceeds 5 percent APY.
Mutual funds are a popular way to invest because they let you pool your money with money from other investors to buy into a portfolio of stocks, bonds or other assets. The diverse nature of the...
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