Tag: money market

Money Market Deposit Account A money market deposit account, also known by the acronym “MMDA,” is a type of savings account offered by banks and other financial institutions. Although federally insured, it differs from traditional savings accounts by providing a higher rate of interest. Unlike other types of insured, high-interest accounts, money placed in a money market account is available to the account holder at any time instead of being held for a committed time period. What are the Benefits of a Money Market Deposit Account? In addition to being federally insured and providing higher interest rates, a money market deposit account also has several other benefits. Immediate investment opportunities – When using a money market account, investments can be made immediately...