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Money Market Account
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A money market account is a savings account that offers an above average rate of interest when compared to conventional savings accounts. In order to qualify for a money market account, an account holder has to make cash deposits that exceed those that suffice for a normal account. A typical money market account provides many of the same benefits as traditional savings or checking accounts, including Federal government insurance. However, a money market account limits the number of monthly transactions. Likewise, a money market account holder must retain a certain minimum account balance. Although a money market account is considered an investment, its interest rate tends to be inferior to the returns associated with bonds or other investments. A money market account may be obtained at banks or brokerage firms.
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