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Butwhich account is right for you?
Do you need both accounts?
Heres a brief guide to a money market account vs. checking account.
Money Market Account vs. Money market accounts earn higher interest rates than checking accounts.
Other money market account features include check-writing privileges, debit card purchases and FDIC/NCUA-insured protection.
Many use a money market account for emergency savings.
Most people like the option of saving while also having access to funds.
However, money market accounts require a minimum balance and can have fees.
Transactions are limited to six withdrawals a month.
Checking Account Overview
Most people are familiar withchecking accounts.
These accounts are a throw in of deposit account used for daily transactions.
you’re able to use your checking account for deposits, withdrawals and transfers for unlimited transactions.
Checking accounts come with check-writing privileges, debit card access and online banking.
Checking accounts have a low barrier to entry.
Most require no or a low minimum deposit.
Some checking accounts have no monthly maintenance fee.
Those charging a monthly maintenance fee usually have easy ways to waive fees.
Checking accounts are ideal for day-to-day expenses, bill paying and shopping.
They typically earn little to no interest and have minimum balance requirements.
A checking account is an acceptable form of payment for shopping, bill payments and other transactions.
You have unlimited check-writing privileges and debit card purchases.
Checking accounts are ideal for flexibility, but arent the best savings option.
Final Take: Money Market Account vs.
Checking Account
A checking account is the best vehicle to manage your money daily.
With high interest rates, a money market account can be a great place to stash emergency savings.
If you already have a checking account, perhaps a money market account would also work for you.
Evaluate your financial portfolio to decide whether one or both accounts would make sense.
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