Try to List the Pros and Cons of Money Market Account Rates
Advantages of Money Market Account
- Often money market account rates higher than a savings account or credit union.
- money market accounts are an excellent way to begin investing without a lot of experience or knowledge.
- money markets often provide checks.
- usually lower opening balances than banks and credit unions.
Disadvantages of Money Market Account
- limitations regarding withdrawals – allotted at most five to six withdrawals or transfers a month.
- three withdrawals may be by check – if you write more checks than that they will charge you a fee.
- some money market accounts require a minimum deposit or balance larger than a credit union or savings bank.
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