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What advantage does a money market deposit account or a CD have over a savings account?
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What are the advantages of having a Money Market deposit account?
Money Market accounts will typically pay higher interest than a traditional savings account. In comparison to CDs, a Money Market account generally does not tie up your deposit for a set period and withdrawals can be made without penalty.
What are the advantages and disadvantages of a money market account?
A money market account is like a savings account. The disadvantage is that there will not be much interest or return. The advantage is , subject to the restrictions stated when you open the account, you can quickly get all your money out.
Is bank account an a bank deposit account the same?
No. A bank account can be a checking or savings. It is the account in your name where you deposit and withdrawl funds from. A bank deposit is when you put money into the account either by you walking into the bank and handing them cash or a check and the bank teller processes it to be put into your account. They are two different things but they are related.
How do i use Money market saving account?
To use your Money Market Account simply make a deposit. Banks offer these as a high interest savings account with more penalties for withdrawal or check-writing. The goal is to leave your money set and not withdraw it from the account.
How are money market savings accounts different from regular savings accounts?
A money market savings account is a special kind of savings account. Money market account holders receive more money on their return. Money markets are secure.
What type of bank account can you make six withdrawals per month without being penalized?
You're probably talking about a money market deposit account (MMDA) or a passbook/statement savings account.
What is a type of savings account?
money market account
What is the purpose of a money market certificate?
Most people confuse a money market account with certificates of deposit. Money markets are deposit accounts set up like a savings or checking account. However, a minimum balance, and/or limited transactions are commonplace. Interest earned is based on average deposit balance. Therefore, money market certificates are great for large accounts with limited needs for withdrawals.
What is best a money market account or savings account?
madhu
How does the risk of a money market mutual fund compare with that of a savings account?
The risk of a money market mutual fund is similar to that of a savings account. Both are low-risk, slow-growth savings vehicles. Money market funds are viewed as a cash equivalent, similar to a savings account.
Which of the following savings plan is not covered by federal deposit insurance?
money market
WHAT IS A Another name for a regular savings account?
money market account
