Money Market Account Funds
Banks bid in live auctions for your business.
Should you put your earnings into a Money Market Account or into Money Market Funds?
Read more below.
The Difference: Money Market Accounts
A Money Market Account is like a savings account which pays a higher yield while containing a few restrictions, such as how many withdrawals per month you may be allowed to make.
The Difference: Money Market Funds
A Money Market Fund, by contrast, is more complex. One main difference is that Money Market Funds are frequently not protected by the FDIC.
A Third Option: High-Yield Savings Accounts
A third option is the High-Yield Savings Account - you'll get the benefit of a Money Market Account (the high yield), and, if you procure your High-Yield Savings account through a MoneyAisle auction, you'll also have your account insured by the FDIC.
MoneyAisle auctions for High-Yield Savings accounts are free - there's no cost to try it out and see what happens when many banks compete in a live auction to give you, the consumer, the best rates in our system for your deposit. If you're looking for a great interest rate (like those you would get in Money Market Funds and Accounts) a High-Yield Savings account provides this benefit along with FDIC insurance and fewer withdrawal penalties.
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Money Market Accounts and Savings