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A high-yield money market account is a type of savings or checking account. Terms and features of high-yield money market accounts vary, but what they have in common is that they pay you a higher interest rate than regular accounts.
Interest Paid
Most high-yield money market accounts pay at least twice the interest rate of regular savings and checking accounts.
Withdrawals
Most high-yield money market accounts allow for withdrawal of funds. Some financial institutions will put limits on withdrawals.
FDIC Insured
High-yield money market accounts offer FDIC insurance for up to $100,000---higher for retirement accounts.
Initial Deposit
With many high-yield money market accounts, opening the account will require a higher initial deposit than other types of savings or checking accounts.
Minimum Balance
Unlike most savings or checking accounts, a high-yield money market account sometimes requires a minimum balance in order to keep the account open.
Source:
Bankrate.com: Money Market Accounts
Flagstar.com: Save for Your Future with a High-Yield Money Market Account
Money.CNN.com: High-yield Savings Accounts
Resource:
National Information Center
Board of Governors of the Federal Reserve System
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