Money market deposit accounts are included in savings account.
A money market deposit account (MMDA) is a unique category of savings account offered by a bank or credit union that includes features not often found in other types of savings accounts. Most money market deposit accounts, also referred to as money market accounts (MMAs), provide greater interest rates than typical passbook savings accounts. They frequently also grant access to debit cards and check writing. However, MMDAs could have limitations that limit their flexibility compared to standard checking or savings accounts. Before choosing them over other ways to save, there are a lot of things to consider, such as service fees and limitations on debit transactions. MMDAs are similarly insured by the FDIC like ordinary bank accounts up to a maximum of $250,000 per depositor.
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