Are you wondering how a money market account works? Many people do not know that money market accounts offer a solid option for your savings. Money market accounts are similar to savings accounts, with a few important distinctions. Read on to learn how money market accounts work and see if this type of saving is right for you.
Before you put all of your money into a savings account or other deposit product, you may want to learn how a money market account works. Money market accounts can be a simple way to save, earn interest and continue to have access to your money.
Most people are familiar with the security and accessibility of traditional savings accounts but may not know that money market accounts work very much the same way.
Here are some of the key features of money market accounts:
To learn about money market accounts with no service fees, no minimum balance requirements and award-winning customer service, visit Synchrony Bank. FDIC insures our customers up to $250,000, per depositor, per insured bank, for each ownership category.
Call 1-844-345-5789 today to learn if a money market account is the right choice for you.
Consumerism Commentary: The Difference between Savings Accounts and Money Market Accounts
*ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of 06/26/2018.
APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For Money Market and High Yield Savings Accounts, the rate may change after the account is opened. For CDs, a minimum of $2,000 is required to open a CD and must be deposited in a single transaction. A penalty may be imposed for early withdrawals. After maturity, if you choose to roll over your CD, you will earn the base rate of interest in effect at that time. The APY shown for CDs and IRA CDs is for a 60-month CD with a balance of at least $25,000. Click here for all CD rates and terms offered.