Money-market-account meaning

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.

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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.
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