![]() ![]() Banks impose high charges on non-maintenance of minimum balance and on transactions that exceed the specified limit. Banks usually limit transaction frequency-to six transactions per month. MMA users need to maintain a minimum balance over time. MMAs are quite different from regular savings accounts. Insurance is capped at $250,000 for a single owner account and $500,000 for a joint account. Credit unions also provide Money Market Account (MMA) services-secured by the National Credit Union Administration (NCUA). ![]() It can be opened with a bank that insures clients’ FDIC deposits (Federal Deposit Insurance Corporation). Source: Money Market Account ()Ī money market deposit account offers better interest rates than a regular savings account. You are free to use this image on your website, templates, etc, Please provide us with an attribution link How to Provide Attribution? Article Link to be Hyperlinked Also, the money market is less regulated-customers are heavily charged for various infractions-for example, exceeding the withdrawal limit. The minimum balance requirement for an MMA is higher.Unlike savings accounts, there is a limit on the number of MMA withdrawals-restricted to six transactions per month.MMAs offer better interest rates than savings accounts. Customers can open MMAs at a bank or credit union. A money market account (MMA) is a deposit account.Please appreciate that there may be other options available to you than the products, providers or services covered by our service. compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. We may also receive compensation if you click on certain links posted on our site. We may receive compensation from our partners for placement of their products or services. While we are independent, the offers that appear on this site are from companies from which receives compensation. How to deposit or withdraw my moneyĪlthough savings accounts are designed to limit transactions, Discover offers several ways to access your money:į is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. The Quontic Bank Money Market account also comes with a 2% APY with no monthly fees and top-notch additional products like a savings account and CDs. If you’re looking for the highest APY on a money market account, look at the Ponce Bank High-Yield Money Market Deposit with 2.5% APY. However, digital banks keep overhead costs low and usually offers higher APYs and more perks than in-person banks can. Discover operates entirely online, so you won’t be able to visit a branch to speak with a teller. Like other savings accounts, you can only make six transactions per month. To open this account, you’ll need an initial deposit of at least $2,500. The Discover Money Market Account is a great way to grow your savings, but there are a few things you should watch out for: Because this account offers standard money market features, compare your options for a money market account before making a final choice on where to park your savings. The Discover also offers the checks, debit card and ATM access that you’d expect, and with no fees for maintenance, checks, insufficient funds and more. With the Quontic Bank Money Market, you’ll get even higher earnings of $5,000 x 2% for 12 months = $101. With the Discover Money Market account, you’ll earn $5,000 x 1.90% for 12 months = $80. That said, we’ve found accounts that can earn more than this one, such as the Quontic Bank Money Market account with 2% APY.įor example, if you open an Axos Bank High Yield Money Market account with $5,000, you’ll earn 0.25% x $5,000 x 12 months (compounded daily) = $12.52 in interest. Most money market accounts offer an APY around 0.14%, making this account’s interest much higher than the norm. You’ll earn a high 1.90% APY on balances under $100,000 and a slightly higher rate on balances above $100,000. Discover Money Market account is best for those planning to keep a high balance in their account, including depositing at least $2,500 at oppening.
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