Money Market Accounts are a savings account with interest (check the rates, they vary amongst banks).  The bank pays a higher interest rate for these accounts than those of a traditional savings account.  The interest rates typically follow that of short-term market interest rates, and change as the market changes.  With MMDA’s you can write between one and three checks a month without penalty.  You can make between three to a maximum of six withdrawals or transfers each month.  The catch… a higher initial opening amount and a higher balance of $1,000-$2,500 must be maintained or there is a penalty if you fall below that amount (or another amount previously specified by your bank).  Check with your bank on their money market rules and requirements.  Some people confused MMA’s with Money Market Mutual Funds, which is a mutual fund and not FDIC insured bank account.