What Is a Money Market Account? A Simple Guide

A money market account (MMA) is a savings product that often earns more than a standard savings account while keeping your funds accessible. Think of it as a middle ground: more earning potential than a basic savings account, more flexibility than a certificate of deposit.

Broadview's Build Your Savings includes money market accounts alongside options like IRAs and HSAs, so members can pair tools that fit different goals.

How Money Market Accounts Work

Most MMAs use tiered dividend rates, meaning the more you deposit, the more you may earn. At Broadview, money market accounts offer unlimited cash and check withdrawals, so you're not penalized for needing your money.

Money Market Account: Pros and Cons

Money Market Accounts vs. Other Savings Options

The right savings product depends on your timeline and how often you need access to your money. Here's a quick look at how the main options stack up.

Broadview's Build Your Savings page offers all three account types, so you're not forced to choose just one. Many members use a combination based on how soon they'll need the funds.

If you want your savings to work harder without committing to a fixed term, an MMA may be worth a look. If you prefer locking in a rate for a set period, a certificate may suit you better. A tax-advantaged account like an HSA or IRA may also complement either option. Consult a tax advisor to see what fits your situation.

Frequently Asked Questions

What kind of return can I expect from a money market account?

Money market accounts often use tiered rates, meaning higher balances may earn more. The actual return depends on the current rates, which can change over time. It's a good idea to check current rates to understand potential earnings for your balance.

Are there any drawbacks to choosing a money market account?

While money market accounts offer good access to your funds, their returns are generally lower than those of longer-term certificates. Also, the rates on money market accounts can change over time, which means your earnings might fluctuate.

How do money market accounts compare to certificates of deposit?

Money market accounts offer more flexibility with unlimited cash and check withdrawals, while certificates typically restrict access until maturity. Certificates generally provide fixed, often higher, returns for a set term, whereas money market account rates can change. Your choice depends on how often you need to access your money and whether you prefer a fixed or variable rate.

Can a money market account help me earn a significant monthly income?

Money market accounts are designed as savings products that offer accessible funds and competitive returns compared to a standard savings account. While they help your money grow, earning a specific large monthly income would depend on a very substantial balance and current rates, which are not guaranteed. They are best for growing savings with flexibility.

What is a money market account and how does it work?

A money market account is a savings product that often earns more than a standard savings account while keeping your funds accessible. Many money market accounts use tiered rates, so higher balances may earn more. At Broadview, these accounts offer unlimited cash and check withdrawals.

When is a money market account a good choice for my savings?

A money market account can be a great fit if you're looking for a stronger return than a basic savings account without locking your funds away like a certificate. It offers flexibility with unlimited cash and check withdrawals, making it ideal if you need access to your money while it grows.

^{Last reviewed: April 14, 2026 by the Broadview Team}