Are money market accounts worth it?

If you want to put your money in a high-yield account for a short-term savings goal, money market accounts have lots of benefits. Yet, if you are looking to withdraw money frequently or save for long-term goals like retirement, a checking account and investment account or high-yield savings account would be better options.

Can a money market account lose money?

A money market account is a savings account, so you will not lose money based on fluctuations in the stock market. However, some money market accounts have monthly fees to watch out for.

Which is better: money market or savings account?

Depending on your financial goals, both can be great options. The benefit of a money market account is that it incorporates features of a checking account, like easy access to your money, and has high-yields. Yet a high-yield savings account can also be a great way to store your money, and you can avoid the minimum balance requirements and monthly fees of some money market accounts.

The pros and cons of getting a money market account, according to financial advisers

BY Lucy Brewster

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