Money Market Account
A money market deposit account is a type of account that often pays higher interest rates than a regular saving or checking accounts. It is easy to withdraw money from these accounts, and so it can be a great place to store an emergency fund. Generally you can set up a money market account with your existing bank or credit union.
-Don't confuse money market accounts with money market mutual funds. These are different things.
- You may get better interest from a high yield savings or checking account than you do in money market, so do your research before you decide to use one.
-Some money market accounts come with additional fees or restrictions on when you can remove your savings, so again do your research before setting one up.