10-31-2007, 03:02 PM
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#1 |
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Greenhorn
Join Date: Jul 2006
Posts: 20
Rep Power: 6  |
What's the difference between a money market account and a plain savings account?
I don't see many differences except maybe a little extra interest. What about you?<br />
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10-31-2007, 03:02 PM
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#2 |
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Greenhorn
Join Date: Jul 2006
Posts: 31
Rep Power: 6 |
What's the difference between a money market account and a plain savings account?
Money market account:
higher return theoretically: more risk the manager is investing in commercial "paper", but there is seldom a default or problem. the account is not insured by the government (assuming that you are dealing with a mutual fund or broker). Savings currently the rates on savings are LOW. the money is insured by the FDIC in a bank or the another agency if in a credit union. I associate savings with local banks, and its very quick and easy to get my money out of a local bank. ATM card access may be available. |
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