Money Market

A Money Market Account has components of both Checking, and Savings, The first thing is that a money market account will have 2.5% interest which will help build up the account’s resources. There will be no debit card due to the limit of 3 withdrawals per month. Instead, there will be checks which the account can have funds drawn on.

The money market account is intended for people that will need to save for a major purchase, or other important issues and write checks only as needed to address those issues. One example is a self-employed person using the money market account to save for income taxes. In this regard, he may only have to write a few checks per year.