Money Market Account

What Does Money Market Account Mean?
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 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.