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Three restrictions on money market accounts to look out for.

Money market accounts have many restrictions that you must consider and research before you invest any money in one. The first is minimum deposit to open. While in some accounts you can deposit less than the minimum you will be charged a fee for having less money in the account than the allotted minimum. This is also something to look into for when you are taking money out of the account to make sure you stay above the minimum to keep fees at bay.
Second is to look into maximum number of monthly withdrawals. Most accounts have limits on how many withdrawals you can make in a month. Some will allow 3 and some will allow more, it is important to know your limits.
Finally look out for limits on writing checks against your money marketing account. Unlike in your personal checking account where you can write as many checks against your account that you need or want money market accounts have very restrictive limits on how many checks you can write against your account.

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2 Answers

I am looking for investment in fixed deposit? can any body tell me it will be safe to invest in fixed deposit.


Hi shailesh singh, no one can give specific financial advice without knowing your financial situation.
General Advice has been given as I am not licensed to give specific financial advice..

General advice
Even with fixed deposit there is a risk if a financial collapse was to occur.and you could get funds frozen (you can't access your money ) or lose your funds
What you need to investigate is if the financial institution is government guaranteed and how much of your account balance is guaranteed if there was every a run on the financial institution ( if everyone asks for their money at once ) Also check if other financial institutions are owned by the same parent company as the government guaranteed amount in your accounts could be affected if the two or more of your bank accounts are provided by the same parent company.
Also remember the saying never put all your eggs in one basket. This means if your funds are large do not put all your funds with one financial institution.

Jul 28, 2016 | investopedia.com

1 Answer

Are money market accounts insured?


Yes. All money market accounts are insured by the FDIC (the Federal Deposit Insurance Corporation.) God forbid your bank goes out of business, your money will be safe and insured. You don't need to worry about losing your money becuase of a mistake your bank made.

Aug 19, 2013 | Finance

1 Answer

What is a money market account?


A money market account is one of many different types of accounts that you can get at a bank. The main thing that seperates them is that they tend to pay higher interest rates. This means that they require a larger minimum balance of at least $1000.

Aug 19, 2013 | Finance

1 Answer

Are there limits on the amount of transactions i do on my business savings account and the amount of money i deposit and withdraw?


Yes, some banks limit the amounts of money that can be
deposited monthly or the amount of transactions that can be done through the account. Some, for example, offer unlimited deposits but limit the amounts of money that can be withdrawn monthly. Others require minimum and maximum amounts as prerequisites for opening the account.

Aug 14, 2013 | Finance

1 Answer

gud day


hello,
Select the payment option in your fixya profile to receive through check.

Fixya send you money through check, then you can deposit your check in the following bank:

In BPI bank: you should have current account or $ account with minimum of $500.00
In Banco DE Oro: you should have current account or $ account with minimum of $500.00

In PNB: You should have a current account or open account with minimum amount of P5,000.00.

for me PNB is good and cheap.

After you have deposit your check, you have to wait for maximum of 45 days bfore you can withdraw the money.

so far only this bank can deposit check.

For fast banking ..recommend to open account in the union bank (EON VISA CARD) then register in paypal, this method is cheaper and very quick.

melnavz



Jul 08, 2008 | Linksys Wireless-G WRT54G Router

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