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I feel stupid for asking this but...

I feel stupid for asking this but...

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  • baby hungry 02-11-09 | 09:26 PM
  • What is a money market account? Also what does it mean when it says 6 months, 12 months, 24 months account?
  • Dopey406 Dopey406's Avatar 02-11-09 | 10:15 PM
  • A money market account is basically a higher-yielding savings account. There no term with a money market account.

    You're probably reading about CDs (Certificate of Deposit, or as Dave calls it "Certificate of Depression"). They're issued for a fixed rate of time at a fixed rate of interest.
  • baby hungry 02-12-09 | 03:06 AM
  • Ahh ok thanks. I looked again and your right I had my mouse picked on the wrong one.

    So if I open a money market account, I can get our money out whenever I want? I'm wondering why everyone wouldn't move their savings over to a money market account.
  • teddybear1082 teddybear1082's Avatar 02-12-09 | 08:56 AM
  • They are not as secure sometimes. You need to read the fine print and see if they are insured. It is like a collective of people pooling their money for use in buying stocks and such (as far as I know). I know my bank requires a minimum deposit for money market. If you fall below that amount, they automatically move your money into a regular savings acct.
  • baby hungry 02-12-09 | 12:26 PM
  • If a money market account is from a bank, isn't that insured by the government?

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