A money market account is a deposit account that earns interest. You can find money market accounts, also known as MMAs, at banks and credit unions. These accounts combine features of a savings account and a checking account. Similar to a savings account, these accounts earn inte...
Money market accountsare like hybrids of savings and checking accounts. They pay interest on account balances while also providing account holders with access to their cash. In addition, some money market accounts use a tiered rate system — the higher the account balance, the higher the interest...
Money in a money market is easy to access (liquid). This is important for the money you keep in an emergency fund. Most money markets give you check-writing privileges, making accessing your money easier. In addition, with a little shopping, you should be able to find a money market fun...
Weigh the Pros and Cons Certificate of deposit (CD) accounts can be used to grow savings for short-term and long-term goals. Thebest CD ratescan offer advantages over savings or money market accounts. However, there are some potential downsides to consider, like early withdrawal penalties, hig...
The cons of high-yield savings accounts While there are a lot of upsides to putting your money into a high-yield savings account, there are a few downsides to consider. Fluctuating rates Interest rates on high-yield savings accounts are variable and can change at any time — a bank may ...
Savings and money market accounts allow you to make additional deposits as well as withdrawals. But with CDs, you make one initial deposit that stays in the account until its maturity date. In return for giving up access to your funds, certificates of deposits generally pay higher interest rate...
Bank? This comprehensive review covers its pros, cons and how it stacks up against other banks.Compare Overall Score 3.7 Savings 3.0 CD 4.0 Checking 3.0 Money Market 3.0 Mobile App 4.5 Customer Service 4.5 5-point scale (the higher, the better) Pros and Cons Promo CD with high...
Full 2025 Questrade review: pros, cons, fees & more. Questrade is one of the best Canadian brokers because of their commission free ETFs and low fees!
Here are the pros and cons of high-yield savings accounts, so you know exactly what you’re signing up for. Compare savings rates Make sure you're getting the best account for you by comparing savings rates and promotions. Here ar...
Offered within brokerage accounts and easy to move funds in and out. Money Market Fund Cons Rare to see growth of capital (only when interest rates are outpacing inflation). NoFDIC/NCUAinsurance coverage. Rates of return vary with interest rate changes and can decline when rates go down. ...