A money market account is another type of savings account offered by some banks. These accounts require that you deposit a specific amount of money. They have a higher rate of interest. They are considered very safe investments because like a savings account they are insured by the government. The FDIC insures money market accounts up to $100,000.
Money market accounts allow you to withdraw your money at any time. Often, the account comes with a checkbook. You can write a check on the money market account. It's not meant to be a checking account or one that you would withdraw from regularly.
Money market accounts do not have a fixed interest rate. It can change from day to day.
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