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There is very little difference between the two types of accounts.
In the past I have seen the Money Market account to mean you were
going to get more interest, but I can't say that this is true any
more.
Let's look at the similarities between a Savings Account and
Money Market Account:
1. They are both FDIC insured up to $100,000 per account holder.
2. They both offer similar interest rates online. In most cases.
3. They both offer ATM access to your money.
4. They both offer you multiple methods to deposit your funds.
What do Money Market Accounts have that Savings Accounts don't?
1. The ability to write checks.
2. In some cases you can get a preferable rate at the expense of
convenience. You can have the better rate, but you must maintain
a relatively high balance (usually around $5000) and you can only
make 6 monthly withdrawals without penalty.
My advice in this area is to just look at what the account type
offers you. Don't worry whether it is called a money market or savings
account.
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