Money Market Account

Personal Finance

A money market account (MMA) is a hybrid deposit account that combines features of savings and checking — limited check-writing, debit card access, and tiered interest rates that often beat regular savings. MMAs are FDIC-insured (or NCUA at credit unions) up to $250,000. Rates are typically higher with higher balances. Money market mutual funds are different — those are investments, not deposits, and are not FDIC-insured even though they aim to preserve $1 per share. For most consumers, a high-yield savings account is simpler and offers comparable rates; MMAs make sense if you want some check-writing flexibility on emergency cash.