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When you are looking to open a new bank account, you may not realize just how many options you have, especially when it comes to savings accounts.

As a savvy consumer you’ll want to choose the best option for saving your well-earned money. That can come with some challenges considering the number of options out there.

A money market account (MMA) offers a great solution for anyone who is looking for a way to save their money. A MMA has the added bonus of a higher interest rate than a traditional savings account. Those aren’t the only benefits to an MMA, though.

What is a Money Market Account?

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Money market accounts can be described as a hybrid between a savings and checking account. An MMA is an interest-bearing account that offers higher annual percentage yields than a traditional savings account. Money market accounts are insured up to $250,000 by the Federal Deposit Insurance Corp. (FDIC).

Banks are able to offer higher interest rates with an MMA because they require a larger minimum balance in the account than a savings account would and because of the additional FDIC protection.

Account holders are also able to make withdrawals from the account though there are some limitations on the number of withdrawals that you can make. These restrictions make an MMA less liquid than a standard checking account, but more liquid than savings bonds. It’s a great alternative to a traditional savings account, especially if you’re looking to grow your money with minimal risk.  

Who Should Open an MMA?

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MMAs are a great option for anyone looking to save or deposit a large sum of money. Your money will grow quickly, especially if you open a MMA with a higher interest rate.

It’s also the perfect type of account to have for emergencies or life’s surprises. While there are limitations to withdrawals, the money is often more quickly accessible than it is with other type of accounts. On top of that, the money is often available through debit card transactions, ATM withdrawals, transfers or checks.

When unexpected costs hit, an MMA has the potential to cover them without leaving you burdened with debt from a credit card or loan.

Money Market Account Options

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There are a wide range of money market accounts out there, with different interest rate options and minimum balances. You’ll want to shop around for features that make the most sense for your financial needs, and for the best interest rate.

Inter National Bank offers MMAa with different tiers of variable interest rates based on account balance.

Watch Your Money Grow With an MMA

While an MMA is relatively similar to a regular savings account, an MMA has more earning potential. By opening an MMA, you can watch your money grow at a much faster rate. With the FDIC protection that come with an MMA account, you will also have the peace of mind that your money will be safe and available for you when you need it. As you consider opening a new bank account, think about opening a money market account and get ready to watch your money grow.