Here are the pros and cons of money market accounts:
I'm a freelance financial journalist and a regular contributor to U.S. News and CreditCards.com.
Money market accounts can be interest-bearing, meaning the money that’s deposited can grow over time with interest. That’s one feature that makes them. But unlike a savings account, you may be able to write checks from a money market account or get a debit/ATM card that you can use for making purchases or withdrawals.
These benefits can give money market accounts some definite advantages over savings accounts or CDs. And being able to earn interest while still having the option to write checks can make them more appealing than many standardAny time you’re considering opening a new type of bank account, it’s important to consider any potential downsides.
If you’ve found a money market account that seems like a good match, the next step is opening the account. Depending on the bank, you may be able to do this online. You’ll need to give the bank some basic information, including your name, address, date of birth, Social Security number and phone number. You’ll also need to provide the account number and routing number for the bank you want to use to make your initial deposit if you’re funding a new money market savings account online.
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