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Originally Posted by ken1706
A money market account is a savings account offered by banks and credit unions, insured by the Federal Deposit Insurance Corp., and requiring a high minimum balance -- averaging between $100 and $2,500.
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A Money Market DEPOSIT account is a transaction account (you can write checks off of it) that is insured by the FDIC. A regular Money Market account (such as offered by a brokerage) is not insured by the FDIC. MMDA's were authorized in the early 80's by the DIDCMCA and Garn St. Germain acts. A savings account is different in that it is non-transactional, i.e. you cant write a check off of it.
On a side note I have both an ING and an Emigrants Direct account. I have had no problems with either one. Emigrants gets a better rate but ING Direct's user interface is so much nicer.