Money market account

A money market account (MMA) or money market deposit account (MMDA) is a non-financial account that pays interest based on current interest rates in the money markets.

Money market accounts typically have a relatively high rate of interest and require a higher minimum balance (anywhere from $1,000 to $10,000 or $25,000) to earn interest or avoid monthly fees. Like other bank deposits, they are liabilities from the bank's perspective. They should not be confused with money market funds.