Money market accounts, or MMAs, are very similar to savings accounts, but often have a higher interest. They allow you to deposit a large sum of money into one account while earning interest, but still allow you access to that money should you need it. MMAs often offer checks and debit cards linked to the accounts, as well.
A money market account is not much different from your other savings or checking accounts, and it’s just as easy to open one. Many banks, including Seacoast Bank, will allow you to open one online, and you can start saving in a matter of minutes. MMAs offer higher interest rates, while still giving you access to your money, within the federally regulated limits.
Money market accounts are great for businesses who have a large sum of money they want to deposit into a higher-earning account, without losing access to that money. All money market accounts are FDIC insured, so they are less risky than mutual funds or investment accounts in the stock market.