When it comes to saving money, you have options. From traditional savings accounts to certificates of deposit (CDs), each product has unique benefits. One option that strikes a balance between flexibility and earning potential is the Money Market Account (MMA). But what exactly is it, and why might it be a smart choice for you?
What Is a Money Market Account?
A money market account is a type of deposit account offered by financial institutions that typically combines features of both a savings and checking account. With an MMA, you’ll often earn a higher interest rate than a standard savings account, while still maintaining convenient access to your funds.
Benefits of a Money Market Account
1. Higher Interest Rates
MMAs generally offer better rates than traditional savings accounts. This means your money can grow faster while remaining safe and secure.
2. Easy Access to Funds
MMAs give you the best of both worlds: savings that earn interest, plus the option to make limited withdrawals or write checks when needed, penalty free.
3. Low Risk
MMAs are federally insured (up to the applicable limits by the FDIC), so your funds are protected. It’s a low-risk way to grow your savings.
4. Great for Short- and Mid-Term Goals
Because MMAs offer both growth and liquidity, they’re ideal for savings goals like:
- Building an emergency fund
- Saving for a down payment on a home
- Preparing for large purchases (vacation, new car, etc.)
5. Flexibility
With a MMA, you’re not committing your funds long-term. You can enjoy higher rates while still keeping your money accessible.
Is a Money Market Account Right for You?
If you’re looking for a safe place to grow your savings with better rates than a standard savings account, and without locking your money away, a MMA account could be the perfect fit.
Whether you’re building an emergency fund, working toward a big financial milestone, or simply want your money to work harder for you, an MMA gives you the balance of security, growth, and access.
Ready to start saving smarter? Open a Money Market Account with Peoples Bank today and put your money to work for your future. Visit or call any of our locations to learn more today!
