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For example, if you have $150,000 in checking, $100,000 in savings and $50,000 in a money market account, then that’s a total of $300,000 at a single FDIC-insured financial institution.
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.
You’re not minimizing taxes you pay on your savings interest. ... Money market accounts are also FDIC-insured up to $250,000 per depositor, per insured bank, per ownership category.
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.
There are limits to the amount of money that is insured for each depositor at a bank — up to $250,000 per depositor per account category with the FDIC — so the super wealthy often spread out ...
The FDIC insures up to $250,000 of deposit products (like CDs, savings accounts, and money market deposit accounts) held in all retirement accounts you have at the same bank.
Money market accounts work like a mix between a savings and a checking account. They come with the potential to earn higher interest rates, but may also let you write checks.