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All You Need To Know About A Money Market Account

A Money Market Account, also known as MMA is a type of savings account offered by almost all the banks in the country. This account comes with a number of prerequisites like a debit card and a checkbook, unlike a traditional savings bank account. Traditionally, the interest rates of MMA accounts have been higher than the savings account, but over the time, they have evened out, and there is not much difference in the rates provided by both.

Most banks need a higher minimum balance in the MMA account.

Why should you open an MMA?
An MMA is good for individuals who are looking to deposit a huge amount of money and earn some interest on it in return. These accounts offer easy withdrawal options as well. Hence, they are better than savings account when it comes to accessing your own money. In addition, these accounts give you the safety of Federal Deposit Insurance Corporation (FDIC) insurance, which is much needed when dealing with huge amounts of money.

Therefore, yes you should open a MMA, if you are looking to deposit a huge amount of money, want a higher interest on it, and need the flexibility of withdrawal as and when required.

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Benefits of opening an MMA
If you are still looking for reasons to open a MMA account, the following are five reasons that will help you consider the same.

FDIC insurance
FDIC insures the money in the MMA. This corporation is responsible for insuring the deposits and the interests accrued in these accounts up to the maximum amount allowed by the US law. The insurance system works similar to the savings account insurance in every bank and you can rest assured that your money is going nowhere, even if the bank shuts down.
Availability of funds
MMA provides you with an easy access to your funds, unlike a savings account. An MMA allows you up to six withdrawals in every statement cycle in the form of online transfers, checks, and ATM withdrawals. This all-time accessibility is a great facility for individuals who might need money at random times. With savings, your money is locked for a period, and most banks levy a fine if you withdraw before the period gets over. A Money Market Account will help you access your funds easily.
Higher interest rates
The interest rates provided on these accounts are much higher than the savings account in most banks. The interest rate provided by an institution depends on many factors like the bank of your choice, your account balance, and your history with the bank.
Account benefits
These accounts mostly do not need a minimum balance requirement and can be opened and funded with any amount. There is no maintenance fee for this account. Most top banks in the country do not charge a fee for ATM usage and reimburse the money charged by other ATMs. Top class banks in the country also provide good customer service and some great features with the account.

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