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The Curious Bag
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A money market account is also known as a money market demand account or MMDA. An MMDA is a competitive interest savings account. A money market account is opened with a large deposit.
What is a Money Market?
A money market is a savings account in which individuals save money that will be used by others. The bank uses the funds for investments, and the consumer's money market account earns interest.
How to get a money market
Investopedia by Forbes suggests three ways to get a money market account. Options include accounts offered by banks, mutual funds and Treasury bills.
Money Market Bank Account
Many banks offer money market bank accounts. A consumer should compare banks to get a better rate of interest on her account.
Money Market Mutual Fund
A money market mutual fund can be taxable or nontaxable. It's recommended that individuals look for a mutual fund bank that is a member of the Securities Investor Protection Corporation, or SIPC. SIPC protects consumers and their investments.
Treasury Bills
Treasury bills, or T-bills, are available in different terms depending on the consumer's needs. Treasury bills can be purchased from banks or directly from the United States Treasury.
Source:
Securities Investor Protection Corporation
U.S. Treasury: Treasury Securities & Programs
Resource:
Bankrate: High Yield Rates for MMA and Savings Account
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