A money market account is a type of savings account that offers higher interest rates than traditional savings accounts. This is because money market accounts are invested in short-term, low-risk securities, such as Treasury bills and commercial paper. As a result, money market accounts can be a good way to earn a higher return on your savings while still maintaining a high degree of liquidity.
There are many reasons why you might want to open a money market account. For example, you might use a money market account to save for a down payment on a house, a new car, or your child’s education. You might also use a money market account to save for retirement or other long-term goals. No matter what your savings goals are, a money market account can be a good way to reach them.