What is a Money Market Account?

A money market account is a type of bank account. It offers more interest than a typical passbook savings account, but also comes with more restrictions. These restrictions may include a much high minimum deposit and a limited number of withdrawals each month. Such bank accounts are insured by the FDIC. Some money market accounts come with check-writing privileges. Don’t confuse a bank money market account with a money market fund. This is entirely different