These are like a savings account usually offered through Securities Brokerage houses and some banks, which usually pay higher interest rates, have check writing features, along with a variety of other features. In most cases, a great place to put funds from the closing of a real estate transaction. Check with a Mutual Funds Registered Representative for details.
Federally insured accounts (with banks and other financial institutions) t pay rates established by the bank based upon money-market yields. Money Market Mutual Funds, however, are similar to Money Market accounts but are not federally insured.
Similar to checking accounts but offer a higher interest rate. Typically, a minimum deposit - $1,000 and higher - is required to open a money market account.
The money market operates through the buying and selling of short-term loans and securities e.g. Treasury bills and bills of exchange. Private investors, individuals or companies, can invest in this market, usually with a minimum input of £10,000, and receive a higher rate of interest over a shorter term.
Market-sensitive account that generally requires a minimum of $1,000 and only three checks drawn on it per month. Account has liquid funds that are available without penalty. Interest rate is generally comparable to rates in money market mutual funds. Rates reflect general economic factors as well as the relative investment liquidity, security, size, and term.