What is a money market account?
A money market account is an interest-bearing savings account that offers a higher-yield interest rate, allowing you to earn faster than a traditional savings account. Although it has many similar account features, like an ATM card, a money market account requires a higher opening deposit than a regular savings account.
What is the minimum balance to open a money market account?
You must have $1,000 to open a Nationwide Bank money market account.
What is the difference between money market accounts and savings accounts?
A Nationwide Bank money market account allows you to earn a higher interest rate and permits no more than 6 transfers and/or withdrawals during a statement cycle, which includes preauthorized transfers and automatic transfers by check, draft, debit card or similar order to a third party. Savings accounts have a lower interest rate and a lower balance requirement, and they do not provide the ability to write checks against your balances.
Are money market savings accounts FDIC2 insured?
Yes, money market savings accounts (not to be confused with money market mutual funds) are considered bank deposits and are insured by the FDIC. Money market deposit accounts are insured at the same limits as traditional savings or checking accounts.