A money market account (MMA) or money market deposit account (MMDA) is an interest-bearing deposit account offered by banks and credit unions. It pays interest based on current interest rates in the money markets and is regulated under terms similar to ordinary savings accounts. MMAs generally offer higher interest rates than regular savings accounts and may come with debit cards and limited check-writing privileges. However, some banks may require higher minimum balances in money market accounts to avoid monthly fees and to earn interest. MMAs are insured by the FDIC or NCUA, up to $250,000 held by the same owner or owners, and they are suited for individuals who want to earn more interest than they would with a savings account for short-term goals, such as saving for a specific purchase or building an emergency fund. Its important to note that money market accounts should not be confused with money market funds, which are mutual funds that invest in money market securities.