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Only 8 days 3 hours 35 minutes left until Hanks Holiday Handout drawing!

Sorry I’m behind on a few of the readers requests, it has been a busy month for sure! But this was a fairly straight forward answer to Ben.

Hi Hank - You have posted a few times about the high yield savings and Money Market Accounts - sorry to sound like a noobie, but what is the difference between a Money Market Account (MMA) and a savings account? - Ben from Iowa

Hey Ben - Money Market Accounts (MMA) and a savings accounts are both just products that a bank offers, like a store offers carrots and peas. The accounts are deposit accounts held with a financial institution. FDIC or NCUSIF insured deposits are backed by the full faith and credit of the United States government.

The difference between the two types of accounts is that withdrawals from a Money Market Account may be limited to “x” per month. Check with your MMA issuer for this exact number, but it usually falls at 6 per month. Whereas, on the other hand, savings accounts typically do not limit the number of withdrawals. That’s the only difference - The next thing would be to check the APY of the account you’d be opening.

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