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Nearby Terms

money market deposit account

definition

A type of savings account in which the bank or brokerage firm invests funds held on deposit in short-term debt obligations. A money market deposit account often offers limited check-writing privileges and pays an interest rate that is typically higher than a regular savings account but lower than a certificate of deposit or other time deposit. Also referred to as a Money Market Demand Account or simply as a Money Market Account. Compare to Money Market Fund.

Related Terms

 • money market demand account