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Money Market Account

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Dictionary Says

Definition of 'Money Market Account'

A savings account that offers the competitive rate of interest (real rate) in exchange for larger-than-normal deposits.

Also known by the acronym "MMDA", which stands for "money market demand account" or "money market deposit account".
Investopedia Says

Investopedia explains 'Money Market Account'

Many money market accounts place restrictions on the amount of transactions you can make in a month (such as five or less). Furthermore, you usually have to maintain a certain balance in the account to receive the higher rate of interest. Some banks require at least $500, others require a much higher balance.

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