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Money Market Account
A Money Market Account (MMA) is a type of savings account that pays a higher rate of interest than a traditional savings account. Although MMAs can usually be liquidated at any time without penalty, most have a stipulated number of withdrawals per period, for example, two per month. Money Market Accounts are considered to be very low-risk, as they are insured by the Federal Deposit Insurance Corporation (FDIC) up to $100,000. This means that even if the financial institution goes out of business the depositor can still retrieve their money.
The AIG Bank Money Market Account features one of the best interest rates available nationwide.