Money Market Account

A money market account (MMA) is a type of deposit account offered by banks and credit unions that provides higher interest rates than a savings account, but with some restrictions on how often you can withdraw money. MMAs are considered to be a safe investment because they are backed by the Federal Deposit Insurance Corporation (FDIC).

Here are some of the key features of a money market account:

* Higher interest rates than a savings account
* FDIC-insured
* Limited check writing privileges
* Minimum balance requirements
* No maturity date

Money market accounts are a good option for people who want to earn higher interest on their savings, but who also need access to their money on a regular basis. If you don't need to make frequent withdrawals, an MMA can be a great way to grow your savings.

Here are some of the pros and cons of money market accounts:

**Pros:**

* Higher interest rates than a savings account
* FDIC-insured
* Limited check writing privileges
* Minimum balance requirements
* No maturity date

**Cons:**

* Limited check writing privileges
* Minimum balance requirements
* May not be as liquid as a savings account

If you're considering opening a money market account, it's important to compare different offers from banks and credit unions to find the best rate. You should also make sure that you understand the account's terms and conditions before you open it.