Money Market Accounts
What is a money market account? A money market account is officially known as a money market deposit account. A money market account combines the interest-earning functionality of a savings account with the check writing capability of a checking account. However, unlike a savings or checking account, a money market account allows only a limited number of transactions per month. Generally, you are limited to 6 or less transfers or withdrawals and no more than 3 checks written each month against the account. It is important to know the number of transfers and withdraws available per month on your account as you are often charged fees if you go over these amounts. It is important to note that money market accounts typically have higher interest rates than regular savings accounts, and also a higher minimum balance requirement.
What interest rate does the money market account earn?
What is the minimum balance required to open the account?
What transfer and withdrawal limitations exist on the account?
What is the amount of the fee charged if I make more transactions than the number allowed?
What is the amount of the fee charged if my balance goes below the minimum balance requirement?
Does the account come with an ATM/Debit card?
If so, is there a fee to use the ATM?
