FINRA Reviews Benefits of Money Market Deposit Accounts

FINRA reviewed the benefits to investors of using money market deposit accounts for saving money. In a recent podcast, FINRA explained that money market accounts:

• are federally insured, with any deposits secure up to the maximum coverage that Congress has approved;
• may pay higher interest rates than savings accounts, but higher interest rates also often come with higher minimum balances;
• allow a limited amount of checks written each month; and
• are not the same thing as money market mutual funds, which are investments and not federally FDIC-insured.