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What is a money market account (MMA) calculator?
What is a money market account?
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This money market account (MMA) calculator lets you work out the compound interest you will earn on your money market account based on how much you deposit to start with, how long you've had the account, the interest rate on the account, and the amount you periodically deposit.
Aug 30, 2023 · If you’re thinking about saving with an MMA, using a money market account calculator can help you determine how much interest you could earn based on your rate, contributions and timeline.
- How do you calculate earnings on a money market account?To calculate earnings on a money market account, you can use your account’s interest rate to determine simple interest on your deposit and your ann...
- How much money should you keep in a money market account?Money market accounts tend to earn more interest than savings accounts, meaning your money might grow a little faster in an MMA. Consider keeping s...
- Are money market accounts FDIC-insured?Yes, money market accounts are FDIC-insured when opened at FDIC-insured banks and NCUA-insured when opened at NCUA-insured credit unions. Like chec...
- How do money market accounts vs. CDs compare?Money market accounts and certificates of deposit (CDs) can both be suitable options for safe long-term saving. However, CDs require you to lock up...
Jun 5, 2023 · Imagine that you have $200,000 in your money market account and decided to put extra $1,000 each month. Your expected return is 0.5%. In just two years of such investment, the money market account calculator will present you the result of $226,135.01 - that is the value of your portfolio.
Mar 21, 2024 · 5.00% $100. $0. What Is a Money Market Account? A money market account is a type of account that tends to offer a higher interest rate than traditional savings accounts....
- Are money market accounts safe?Yes, your money is safe in a money market account. Accounts through banks are FDIC-insured up to $250,000 per depositor, per account ownership cate...
- What is the interest rate on a money market account?According to FDIC data, the national average interest rate for money market accounts is currently 0.23% APY for accounts with balances under $100,0...
- What is the minimum balance for a money market account?It depends on the financial institution. Banks typically require customers to keep a higher minimum monthly balance with money market accounts than...
- What’s the difference between a money market account and a money market fund?A money market fund is a type of investment account. It’s often referred to as a money market mutual fund. It’s a type of low-risk investment that...
- How much money do I need to open a money market account?The minimum opening deposit amount varies, depending on the bank. The CIT Bank Money Market Account, for example, only requires an initial deposit...
- What Is A Money Market Account (MMA)?
- How Money Market Accounts (MMAS) Work
- History of Money Market Accounts
- Advantages and Disadvantages of Money Market Accounts
- Money Market Accounts (MMAS) vs. Savings Accounts
- Money Market Accounts (MMAS) vs. Checking Accounts
- Money Market Accounts (MMAS) vs. Mutual Funds
- Alternatives to Money Market Accounts
The term money market account (MMA) refers to an interest-bearing account at a bank or credit union. Sometimes referred to as money market deposit accounts (MMDA), money market accounts have some features that are not found in other types of accounts. Most money market accounts pay a higher interest rate than regular (passbook) savings accounts and...
Money market accounts are financial products that are offered to customers at traditional and online banks and at credit unions. They give account holders some of the key benefits of a savings account while providing them with the features of a checking account, including: 1. Interest: Like savings accounts, MMAs allow account owners to earn intere...
Until the early 1980s, the federal government placed a cap or limit on the amount of interest that banks and credit unions could offer customers on their savings accounts. Many institutions gave out small appliances (such as toasters and waffle irons), and other incentives to attract deposits because they couldn’t compete with money market mutual f...
There are advantages and disadvantages to having a money market account, especially when you compare them to other types of accounts. Their advantages include higher interest rates, check-writing, and debit card privileges. Banks and credit unions generally require customers to deposit a certain amount of money to open an accountand to keep their a...
One of the attractions of money market accounts is that they offer higher interest rates than savings accounts. For example, the average interest rate for an MMA in May 2022 was 0.08% while the average savings account paid about 0.07%. When overall interest rates are higher, as they were during the 1980s, 1990s, and much of the 2000s, the gap betwe...
Money market and checking accounts share some basic characteristics—the same way they do with savings accounts. Account-holders can make unlimited deposits. Some of them even offer debit cards, which allow account owners to make point-of-sale (POS)transactions. They can also write checks against an MMA, too. In April 2020, the Federal Reserve lifte...
Unlike the various bank and credit union accounts described above, money market mutual funds, offered by brokerage firmsand mutual fund companies, are not FDIC- or NCUA-insured. (Banks may also offer mutual funds, but they aren't insured, either.) However, because they invest in safe short-term vehicles such as CDs, government securities, and comme...
Banks and credit unions offer many types of accounts, some with features that can make them competitive with—or superior to—money market accounts.
- Jim Probasco
- 2 min
Money Market Account Calculator for Money Market Deposit Accounts. This MMA calculator will calculate the compound interest earnings on money market deposit accounts given the interest rate, length of time, initial deposit, and periodic deposit amount -- plus display a year-to-year investment growth chart. Also on this page:
Use this free calculator to see how your money will grow over time. Money Market Calculator. Initial Balance. Deposit Amount: Deposit Frequency: Years to Grow: Interest Rate % Compound Frequency: Calculate. Money market accounts often earn higher interest than traditional savings accounts, making them a strong contender for smart savers.
