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The main difference between a money market vs. checking account is that money market accounts have a six-transaction limit. Both accounts can help you manage your money with the help of checks and debit cards.
Checking accounts offer unlimited access and more account features. While money market accounts pay interest, which can be more beneficial with a higher balance.
Use this table to compare in what ways money market and checking accounts differ.
| Money market | Checking | |
|---|---|---|
| About | Interest-bearing account offering flexible access to your money while you save | Unlimited access to your money, allowing you to deposit funds, write checks, pay bills, cover expenses and withdraw cash |
| Interest | Yes | Sometimes |
| Check writing | Typically | Yes |
| ATM access | Typically | Yes |
| FDIC insurance | Yes | Yes |
| Minimum deposit | Varies up to $25,000 | Low |
| Six-transaction limit | Yes | No |
Regulation D is a federal regulation that restricts all types of savings accounts to six “convenient” transactions per month. This includes checks, debit card payments, phone transfers and automatic transactions like bill pay. But this regulation is temporarily suspended, so check with your bank to see if this policy is still in place.
Choose a money market account if you’re primary goal is to save, but you want the convenience of withdrawing money with checks or an ATM card if needed. Choose a checking account if you plan on using the funds for everyday spending and need unlimited access to your money.
If you don’t want to give up the high APYs that come with money market accounts, consider an interest-bearing checking account. The rate may be slightly lower than what you’d earn with a money market account, but you won’t be limited to six outgoing transactions a month.
Money market and checking accounts have distinct differences, so keep these pros and cons in mind:
Each account type was designed for a purpose, and knowing how to compare them can help you determine which is right for you:
Money market and checking accounts are both designed to help you manage your money, but the best option for you will depend on your situation. Money market accounts are generally better for saving, whereas checking accounts can provide unrestricted access to your money.
Once you decide which type is right for you, compare your options to find the best account.
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