What is a money market account?

Money market account

Money market fund

Purpose of account

For your emergency fund or shorter-term savings goals.

Often for individual investors seeking a parking spot for their cash. 

How to invest

Deposit money at a financial institution online or in person.

Buy shares at a brokerage, bank or mutual fund company. 

Accessing funds

Can withdraw money up to six times per month. (This limit can vary by bank.)

You have ready access to cash, typically within one trading day (or business day). 

Insurance coverage

Up to $250,000 per bank or credit union customer

No FDIC or NCUA insurance (even when you buy them through a bank)