For you who are new to Money Market Deposit Account, you may need a simple and brief explanation about it. Money market account is different from saving account. What makes it different is that pays higher interest rate. It also provides limited check-writing ability to the account holders. It offers benefits as well as require higher balance compared to savings account.
You might have heard that Money Market Deposit Account offers higher annual percentage yields compared to savings accounts. In addition, it provides short-term invest and liquid securities. Money market account require high minimum balance to be able to offer high interest as well. The minimum funds for money market account vary though. Even though the advantages seem to tempting and promising, there are disadvantages as well that you need to consider.
Before applying to have a deposit account for money market, it’s better for you to understand well about its pros and cons. It will make you easier to take a decision. In addition, there are different types of desposit account in money market. Thus, it’s great to make everything clear and you understand well the terms and conditions. Once you understand them well, you can have Money Market Deposit Account as you need.