Money Market Account
- A bank account that restricts the type and number of certain withdrawals and which earns interest similar to that paid by money market funds.
high-yield bank account, high-interest account
Related Terms and Acronyms
- Combination Account — Definition,
- An account that is part savings and part chequing. You may write cheques and you will be paid interest if you have enough money in the account.
- Guaranteed Investment Certificate (GIC) — Acronym, Important,
- An investment that pays a set rate of interest over a fixed period of time.
- High Yield Money Market Account (HYMMA) — Acronym,
- Insured Money Market Account (IMMA) — Acronym,
- Money Market Fund (MMF) — Acronym, Important,
- Mutual funds that invest in short-term debts or securities.
- Money Market Mutual Fund (MMMF) — Acronym,
- A mutual fund that invests in short-term debt instruments such as Treasury bills, commercial paper, and large CDs. Also referred to as money market fund (MMF).
- Mutual Fund — Definition,
- A type of investment scheme that pools funds from multiple backers and invests them in securities such as stock or bonds.
- Parking (prk) — Abbreviation,
- A term that refers to depositing cash in a high-yield money market account until it is transferred to another account to pay bills.
- Segregated Fund — Definition,
- Investment vehicles that feature both maturity and death guarantees. Segregated funds share similarities with mutual funds but are categorized as insurance products.
- Term Deposit (TD) — Acronym,
- An investment product in which you deposit a fixed sum of money for a set period of time and are paid interest.