Have you ever heard of a money market account (MMA)? It's like a special savings account for your money! It's a safe place to keep your money and earn a little extra. MMAs are similar to savings accounts, but they often pay higher interest.
- MMAs offer better interest rates than regular savings accounts.
- You can usually write checks or use a debit card with an MMA.
- Interest rates change, going up and down depending on the economy.
- Some MMAs need a lot of money to start, while others don't.
| Fact | Number |
|---|---|
| Average MMA interest rate | 0.64% |
| Best MMA interest rates | 4-4.75% |
| Example Interest Earned ($50,000 at 4.5% for 1 year) | $2,303 |
| FDIC Insurance per account | $250,000 |
