Is a money market account like a savings account only with higher interest?
May 29th, 2010
Because me and my gf have been trying to save up money for the future. I know banks provide less than 1%apy. Some money market accounts offer over 5% APY. This is a much better rate. What is the difference and what are your feelings towards the two accounts?
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Money Markets provide more risk. but your principle is still guaranteed. Typically, the money market rates can fluctuate.
These are very safe investments.
To further the previous answer, the money market account is like a savings in that you can access your money at anytime without penalty. The rates fluctuate but the interest is generally higher. I just opened two money market accounts. I also have savings, checking, etc. because it is smart to be diversified.
Yes.
Banks use your money to offer loans to other customers.
Most banks are open only for a few hours.
Money Markets use your money to offer loans to other customers OUTSIDE OF THE UNITED STATES OF AMERICA.
As soon as a United States of America bank is closed your money moves for a few hours to another country where the bank is just opening and as soon as that bank closes your money moves again until eventually your money is back in the United States of America.
If your money is working 24 hours a day for you (As opposed to a few hours in a bank account) you will make more money.
mm account is much like savings in most cases limited checking and debit card use offering higher interest rate than savings if you want safe savings and not Lot’s checking mm is the way to go.