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What Is a Money Market Account?

by Amanda Hicks

Saving your money can be tough.

Sometimes, understanding all of the different places you can save your money is even tougher. Luckily, we're here to help!

Let's talk Money Market accounts.

A Money Market account is a lot like a regular liquid savings account. You can store your money, earn dividends based on your balance, and you’re still subject to the same withdrawal limitations (6 per month). They’re also unique in that they have a few features that are common to checking accounts, like the ability to write a check against the balance, and sometimes can even include debit card access.

What are the benefits?

The kicker about Money Markets is that they generally have a higher savings rate than a regular savings account would. That means you earn more on your money over time, which makes this type of account ideal for a longer-term savings goal.

When would I use one?

Ideally, you’d use this type of account for something like wedding expenses, or the down payment on a house, where you’d want to keep your earnings high but also would eventually need to touch the money a few years down the road.

Ready to get started? Check out our Money Market account offerings and all of our other savings solutions.

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