October 25, 2007
Posted by adaptiveVine
What are the significant difference between a money market account with say TD Ameritrade, and a standard savings account, say with Bank of American or Washington Mutual.
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October 26, 2007
Posted by chriscahn
( 1 rating )
Savings:1. Pays anywhere from .2 and .5% interest
2. No or low minimums to open
3. Easy to access your money (liquid)
4. Convenient Access (down the street)
5. FDIC insured so your money is safe
Money Market Account1. High-Yield, traditionally higher than a savings account
2. Liquid
3. Not federally insured, though MMAs are regulated by the U.S. Securities and Exchange Commission (SEC)
The key take away is that MMAs are investments, and saving accounts are exactly that, saving accounts.
If you are interested in which I would recommend for you, please comment with your age and current asset wealth, and risk tolerance level (1 low - 10 high).
Thxs
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