An account that usually pays higher interest rates than checking or savings accounts, but that may require a higher initial deposit. Money market accounts are offered by brokerage firms and they are not federally insured, unlike most checking and savings accounts.
money market account
The definition of a money market account is a deposit account that pays interest based on money market rates, generally has a high minimum balance requirement and has features of both savings and checking accounts.
An example of a money market account is a bank-offered service that requires people to keep at least a $1,000 balance.