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Money Market Accounts

Money Market Accounts. Kaleo Nakano Period-6 Money Management. What is a Money Market Account?. A type of savings account offered by banks and credit unions It has higher interests rates and requires a higher minimum balance It allows you to write up 3 checks per month. How it Works?.

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Money Market Accounts

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  1. Money Market Accounts Kaleo Nakano Period-6 Money Management

  2. What is a Money Market Account? • A type of savings account offered by banks and credit unions • It has higher interests rates and requires a higher minimum balance • It allows you to write up 3 checks per month

  3. How it Works? • When you put your money into a money market savings account it earns interest just like in a regular savings account • Interest on money market accounts is usually compounded daily and paid monthly • Interest rates paid by money market accounts can vary quite a bit from bank to bank

  4. How to Manage a Money Market Account • Like a basic savings account, this account allows you to withdraw money whenever you want, however you are usually limited for withdraws per month and a standard $5 charge • Most banks allow 6 withdraws per month and a $5-$10 charge for every one withdraw over the maximum

  5. Online Money Market Account • The average savings account at a local, physical bank pays a measly .77% APY. With an online MMA, banks can pay a much higher rate because of a lower overhead • Online MMA’s are similar to saving accounts only they offer much higher rates and often $1 minimum deposits and balances • APY- Expreses an annual rate of interest taking into accoutn the effect of, usually for deposit or investment products (such as a Certificate of Deposit)

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