Money Market Deposit Account

A money market account (MMA) or money market deposit account (MMDA) is a deposit account that pays interest based on current interest rates in the money markets. Retirement Sweep Deposit Account: RSDA: Sweeps cash balances into E.TRADE's affiliated banks, E.TRADE Savings Bank and E.TRADE Bank: 0.01%: FDIC-insured up to $500,000 4 check View details: JPMorgan US Government Money Market Fund, Capital Class: OGVXX: A money market mutual fund seeking high current income with liquidity and stability of principal. The Mega Money Market Account has no monthly maintenance fees or minimum balance requirements. The minimum opening deposit is $500, with a limit of one account per individual. There is a $3 monthly charge for paper statements, with eStatements available at no charge. Open a savings account or open a Certificate of Deposit (see interest rates) and start saving your money. Prepaid Card The Starbucks ® Rewards Visa ® Prepaid Card is the only reloadable prepaid card that allows you to earn Stars everywhere you shop, with no monthly, annual or reload fees. Choice Money Market Account. Diamond’s newest money market account! Open your account now with a minimum deposit of $50,000. You’ll receive all the flexibility associated with our money market accounts plus, free money orders and financial planning, available through Diamond Financial Planning.

A money market account (MMA) or money market deposit account (MMDA) is a deposit account that pays interest based on current interest rates in the money markets.^[1] The interest rates paid are generally higher than those of savings accounts and transaction accounts; however, some banks will require higher minimum balances in money market accounts to avoid monthly fees and to earn interest.

Money market accounts should not be confused with money market funds, which are mutual funds that invest in money market securities.

United States[edit]

Money Market Deposit Account Facts

Features[edit]

Money market accounts are regulated under terms similar to ordinary savings accounts. They are insured by the FDIC (unlike money market funds), and although they may provide checking services, the restrictions of Federal Reserve Regulation D have discouraged their use for day-to-day payment purposes. In practice, money market accounts are distinguished from ordinary savings accounts by their higher balance requirements and their more complex interest rate structure.

History[edit]

The Depository Institutions Deregulation and Monetary Control Act of 1980 set in motion a series of steps, designed to phase in the deregulation of bank deposits, permitting a wider variety of account types, and eventually eliminating interest ceilings on deposits. By the subsequent Garn–St. Germain Depository Institutions Act of 1982, on December 14, 1982, money market accounts were authorized with a minimum balance of no less than $2,500, no interest ceiling, and no minimum maturity, allowing up to six transfers out of the account per month (no more than three by check) and unlimited withdrawals by mail, messenger, or in person.^[2] Minimum denominations were eliminated on January 1, 1986, and the limitation that no more than three of the maximum six monthly outward transfers could be by check was eliminated on May 3, 1988.

References[edit]

1. ^Dlabay, Les R.; Burrow, James L.; Brad, Brad (2009). Intro to Business. Mason, Ohio: South-Western Cengage Learning. p. 482. ISBN978-0-538-44561-0.
2. ^Gilbert, Alton, 'Requiem for Regulation Q: What It Did and Why It Passed Away', Federal Reserve Bank of St. Louis, February 1986

Best Money Market Rates Today

Cash management

You can earn interest with your uninvested cash at E*TRADE. We offer several cash management programs. Depending on your selection, available cash is either held in your brokerage account or swept to a bank sweep program or money market fund. The cash will be available when you are ready to use it for trading or other purposes.

Money Market Deposit Accounts Are Included In

* Customers who do not wish to be invested in the JPMorgan US Government Money Market Fund for their Personalized Investments account should contact their Financial Consultant or E*TRADE Customer Service.

Account holders must either live in the United States or have a US Social Security number or Taxpayer Identification Number to be eligible for the above program

Account holders must neither live in the United States nor have a US Social Security number or Taxpayer Identification Number to be eligible for the above program

Money Market Deposit Account Features

Legacy cash management options

These options are not available as cash management options to new accounts.

Money Market Deposit Account (mmda) Definition