Interest-bearing retail accounts with limited checking features designed to compete with money market mutual fund investments are called ________.

Question

Quizplus · Accepted Answer

MMDAs are referred to as "money market deposit accounts" and are designed to compete with money market mutual fund investments. They typically offer higher interest rates than traditional savings accounts but have limited check-writing capabilities. NOWs are similar accounts but do not necessarily have the same restrictions on check-writing as MMDAs. Retail CDs and negotiable CDs are also types of deposit accounts but do not necessarily have the same features or limitations as MMDAs or NOWs. Special savings deposits are not a commonly used term in banking and do not refer to a specific type of account.

Interest-Bearing Retail Accounts with Limited Checking Features Designed to Compete