Money market account (MMA),
Definition of Money market account (MMA):
Special savings-account which pays fluctuating interest rate that, on average, is higher than the interest rate on ordinary savings accounts. However, a certain minimum credit balance must be maintained in an MMA, and only a limited number of checks can be written on it in a month although, usually, there is no limit on transfer of funds over the banks counter or through automated teller machines (ATM). An MMA balance is covered under deposit insurance like an ordinary savings account balance. Also called money market deposit account (MMDA).
How to use Money market account (MMA) in a sentence?
- If you want to take a small risk on your savings account you can get a money market account that should give higher interest.
- Financial advisors such as Dave Ramsey might suggest you tie up ten percent of your funds in a money market account in order to diversify and expand your portfolio.
- I had confidence in us because we had a money market account and those were a real sign of legitimacy.
Meaning of Money market account (MMA) & Money market account (MMA) Definition