Determine what you’re saving for and when the funds will be used.
Be aware of any minimum balance requirements and whether there are potential monthly service fees
Assess whether the account comes with Federal Deposit Insurance Corp.
Always make sure your money is within FDIC limits and guidelines
Open the money market account and make your initial deposit. Consider downloading the bank’s app, if available.
These accounts are also prone to inflationary risk, and should not be used as the prime source of investment.
Investors must hold a minimum balance for a specified period of time
and are limited to the number of transactions allowed.
Money market accounts are not money market funds, which are like mutual funds.