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.
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 Sentence Examples
By its very nature, keep this money liquid by placing it in a traditional savings or money market account.
For example, if he gets a job, let him put 50% in a money market account for the car and the other 50% in the IRA for college.
Everbank has a promotion at press time of 2.25 percent for a new money market account (quite similar to a savings account) for three months.