• Money market accounts are offered by banks and credit unions and provide the benefits and features of both savings and checking accounts.

  • They typically pay higher interest rates than regular savings accounts and may have debit cards and limited check writing rights.
  • MMAs are suitable for short-term goals, not for long-term financial planning.
  • Many banks also offer high-yield or high-interest checking accounts, which may pay higher rates than money market accounts, but are subject to additional restrictions.
  • Alternatives to MMA include high yield savings accounts and certificates of deposit.