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.