Isnt a money market basically a checking account with a rate of return?
2007-02-19 14:26:57 · 4 answers · asked by juju 3 in Business & Finance ➔ Investing
At my bank, to avoid fees and get a decent interest rate you have to keep the balance above $10,000. And, you're only allowed to write 3 checks per month. This is unrealistic as a primary checking account.
2007-02-19 14:41:37 · answer #1 · answered by Heather Y 7 · 0⤊ 0⤋
Maybe no one sat down with them to explain what benefits there are to having a money market account vs them having just a regular checking account. Some people may not be able to afford the minimum need to maintain a money market account.
2007-02-19 14:30:54 · answer #2 · answered by patty_caswell 1 · 0⤊ 0⤋
A money market account, by banking law, only allows you to write three checks a month. For the average household, you need a lot more checks going out.
2007-02-19 14:30:52 · answer #3 · answered by kny390 6 · 1⤊ 0⤋
The rate of return is so small that it typically isn't worth the fees associated with having it. Bank of America, for example, has a rate of return of 0.2% annually. Not worth it, when you can have a regular checking account and park your money in a savings account that pays 5.25%, don't you think?
2007-02-19 14:30:33 · answer #4 · answered by Scotty Doesnt Know 7 · 1⤊ 0⤋