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Introduction to Money Market Deposit Accounts

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Read about how and why money market deposit accounts can be a very effective part of your portfolio.

What you will learn

  • Overview of the Money Market
  • What Is a Money Market Deposit Account?
  • What Types of Money Market Deposit Accounts Are Available?
  • How Can I Use Money Market Deposit Accounts?
  • Using Money Market Deposit Accounts in Retirement Planning

What do you know?

Introduction to Money Market Deposit Accounts

If you have ever come across the term "money market" at your bank or credit union, you may have just ignored it. Look again. These accounts are worth learning about, because they offer several advantages that are worth your time to know. Gone are the days when you needed $5,000 or $10,000 to open one.

Money market deposit accounts have evolved to meet the demands of the marketplace by lowering their minimum deposit amounts, in some cases to below $1,000, and by expanding their uses to include retirement accounts. Individuals have responded with several uses of their own, from saving to buy a house, to saving their retirement payouts, and more.

Once largely a tool of big institutions and wealthy investors, money market deposit accounts (MMDAs) are becoming more widely known and more accessible to individual investors just like you.