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Funds deposited into a money market account can be withdrawn nearly at will. Some banks offer check-writing privileges, but the number of withdrawals per month are limited. One benefit to money market accounts is that additional funds can be deposited over time, unlike a CD. Money market account rates will change as rates increase, too, which make them a slightly better choice for rate watchers concerned about locking up funds for a long time in a fixed-rate CD. But, look out for minimum balance requirements in money market accounts. Racking up bank fees is a sad way to deplete savings.
A Money Market Account is a type of savings account that usually earns a higher amount of interest than a basic savings account. The minimum balance for this account is often considerably higher than the minimum balance of a basic savings account. They can range from $500-$50,000. When you deposit money into your Money Market Account, it earns interest just like a regular savings account. That interest is the bank's way of thanking you for letting them use your money. Banks then take that money and make other investments or loans.