BANKING AFFAIRS

Detailed explanation-1: -A money market account is an interest-bearing account that you can open at banks and credit unions. They are very similar to savings accounts, but they offer some checking account features as well. Note that money market accounts are different from money market mutual funds, which are not deposit accounts.

Detailed explanation-2: -A money market account is a type of savings account that usually offers a higher interest rate and easier access to your money than a typical savings account. That’s right, you can get checks or a debit card to use your savings-though you might be limited on how often you can make a withdrawal.

Detailed explanation-3: -A money market account is a higher-interest deposit account offered by financial institutions, including banks and credit unions. If you’re saving for a future goal or want your money to grow more quickly while avoiding unsecured market investments, a money market account may be the right choice for you.

Detailed explanation-4: -Most money market accounts pay a higher interest rate than regular (passbook) savings accounts and often include check-writing and debit card privileges. They may also come with restrictions that make them less flexible than a regular checking account.