Money Market Account

A money market account is a bank deposit account that pays savings-like interest while offering some checking features, like a debit card and checks. It's insured like any deposit, which distinguishes it from a money market fund, an investment product that is not. Rates track short-term interest rates closely, so they rise and fall faster than ordinary savings rates. Minimum balances are typically higher, and falling below one usually triggers a fee that erases the rate advantage.