The Marshall family is very conservative financially. They have a retirement plan where John works and share a joint checking account at their bank. They keep a lot of money in their checking account to cover short-term needs and emergencies. Both of them want to step up to a higher interest rate than a checking or savings account pays, and at the same time stay with their bank.
-What would be your suggestion for the next account John and Shelia should open?

Question

Quizplus · Accepted Answer

A money market deposit account (MMDA) is a type of savings account that offers higher interest rates than traditional checking or savings accounts. MMDAs are offered by banks and credit unions, and they are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. MMDAs typically require a minimum balance, and they may have restrictions on the number of withdrawals you can make each month. However, they offer a good way to earn a higher interest rate on your savings while still keeping your money safe and accessible.

The Marshall Family Is Very Conservative Financially