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Bookkeeping & Accounting
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What is a Money Market Account?

11/27/2018

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A money market account is a bank account that you can store your money like a saving accounts. 

The difference between money market account and saving is that bank used money market account for short term loan.

Since the bank is using the money to give out short term loan. You get a higher interest rate than you do with a saving account.

You can always access your money like you do with a saving account.

Money market are not money market funds, which, can lose you money.
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They are FDIC insured so there is protection of your money in case of economic crisis.
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