What is a common use for a money market account?

A money market account is designed to provide individuals with a way to earn interest on their deposits while still having relatively easy access to their funds, which makes maintaining liquidity a key feature. These accounts typically offer a higher interest rate than regular savings accounts, which can yield better returns on your savings. They allow for limited transactions such as a certain number of checks or withdrawals each month, making them a practical option for those who want to save while still needing to access their money occasionally. This combination of earning interest and having the ability to access funds makes money market accounts an attractive choice for both short-term and some medium-term savings needs.