What's the difference? both money market account and savings accounts are products offered by the banks to the consumers. These account deposits are kept by most of the financial institutions.

The main difference between these accounts is that from a money market account one can withdraw till six times per month. Of the permitted six withdrawals in a month, three can be done by using a cheque. In a savings account there are no limits in withdrawals.

The interest on a money account is higher when compared to that of a savings account. One bank loans to the other bank the money from the money market and due to this there is a risk involved with this account, though not very high.

The interest paid in a money market account is more than that paid in a savings account. It is always beneficial to have a savings account in the situation when one does not possess a high amount of money because the requirement of a money market account for balance is higher,

so to have this account is advisable for all those who have a lot of money. You the invester can benefit from the high rate of interest offered on these accounts. There is a greater amount of flexibility that one can get in the savings account vis-à-vis the money market account as one has the right to withdraw as many times they want to which is why -

many people open these accounts in order to keep their money safely in the bank and withdraw it as per their needs. If a limit is put on this it will not solve the purpose and therefore, keeping in mind the needs and requirements one can choose between the options available in the two accounts.