Money Market Accounts

Money Market accounts differ slightly from traditional checking and savings accounts for a number of reasons. To begin with, the balance to maintain the account is usually much higher than that of a checking or savings accounts. You will usually need anywhere from $1000.00 to $2500.00 at a minimum to open a Money Market Account. The good thing about a Money Market account is that your money is still available to you, although there is generally a limit on the number of withdrawals as well as deposits that you are allowed to perform each month.

You can get checks for a Money Market Account, and each check you write is a transaction, so just be aware of your transaction limitations. Also a plus with a Money Market Account is that the interest rates paid on this money are higher than those of a traditional savings account. Then there is always other slight difference from other traditional savings accounts which is that the interest paid to you is market based and so the rates change weekly. Still, the interest paid out on these accounts do pay more than the interest rates of a regular savings account so if you have the