A money market account can be a good way to maximize your cash, while keeping it safe. However, some consumers may not benefit as well from this type of investment as they would from other investments. This article examines some of the more common aspects of money market accounts.
Before delving into money market account issues, it is important to understand that these accounts are not the same as money market funds accounts. They are two different vehicles and knowing the difference is important.
“Money market” is a generic term that is used to describe the market in which banks and other financial institutions lend, borrow and trade money. With this being the basis of the term, a money market account is basically a premium account, or a high interest savings account.
A money market fund, on the other hand, is an investment technique and is more akin to working the stock market than it is to savings account holdings.
You can usually open a money market account by simply visiting your bank and setting up an account. The cash that you put into this account will then be invested by the bank into various financial instruments such as...
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