• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Investor Relations
  • Blog
  • Careers
  • Announcements

Search

New FVC Logo Light

FVCbank

One Bank. Unlimited Possibilities.

  • About
    • Directors
    • Executive Management
    • Community Involvement
    • News & Noteworthy
    • Careers
    • Investor Relations
    • Contact Us
  • Business
    • Lightning Lending
    • Business Checking
    • Business Savings
    • Online Banking
    • Business Insights
    • Mobile Banking
    • Treasury Management Services
    • Merchant Services
    • Government Contractor Banking
    • Commercial Lending
    • Business Credit Cards
    • Business Insurance
    • Employee Programs
    • Rent Direct
    • Escrow Direct
  • Personal
    • Personal Online Banking
    • Personal Checking
      • Free Personal Checking
      • Student Checking
      • Student Savings
      • Senior Checking
      • Interest Checking
    • Personal Savings
    • Personal Credit Cards
    • Personal Loans
    • Residential Mortgages
    • Health Savings Accounts
    • Personal Insurance Products
    • Home Equity Line of Credit (HELOC)
    • Retirement Accounts
    • ICS (Insured Cash Sweep)
    • Certificates of Deposit (CDs)
    • CDARS
    • Personal Money Market
    • Statement Savings
    • Zelle®
  • Industries
    • General Contractors
    • Government Contractors
    • Commercial Real Estate
    • CPA Firms
    • Faith-Based
    • Home Owners Association (HOA)
    • Nonprofits and Associations
    • Private Schools
    • Property Management
    • Title & Escrow Services
    • Trade & Professional Associations
  • Interest Rates
  • Locations
  • Contact
  • Account Login
    • Online Banking
    • Cash Management
    • Cash Mgmt. User Guide
    • Instructions to Update QuickBooks
  • Resources
    • Investor Relations
    • Blog
    • Career Opportunities
    • Press
    • Announcements
Home › Money Market Accounts › What Is a Personal Money Market Account?

What Is a Personal Money Market Account?

May 2, 2019

When it comes to saving money, your options are not limited to a standard savings account. To maximize your savings, it is important to compare your options and choose an account best suited for your financial goals and needs. A personal money market account (MMA) is a viable option for depositors who desire a higher interest rate and are not bothered by withdrawal limitations. Learn more about personal money market accounts, how they work, their benefits, and who should consider opening an account.

An Overview

A personal money market account is neither a checking nor a savings account, although it has characteristics of both. Instead, it is an interest-bearing account that generally has higher interest rates than a savings account while requiring a higher minimum balance.

What makes a personal money market account similar to a checking account is the ability to write checks, which is not possible with standard savings accounts. With a money market account, you can typically write a limited number of checks each month against the account.

Transaction Limits

Similar to a standard savings account, a personal money market account follows federal regulations pertaining to transaction limits. These regulations prohibit account holders to making more than six pre-authorized or electronic withdrawals, payments, or outgoing transfers in a calendar month. Any over-limit transaction may be accompanied by a fee.

However, there are some exceptions to this rule. Withdrawals directly from a teller at a bank do not count towards your limit. Withdrawing funds from an ATM also does not count. Many banks also offer a debit card or ATM card to make it fast and convenient to gain access to funds from your personal money market account.

Minimum Balance

Most savings accounts require a minimal minimum balance or no minimum balance at all to maintain an account and avoid monthly maintenance fees. However, money market accounts differ in this aspect. Most MMAs require a substantial minimum balance to open an account and avoid fees.

While the minimum differs from bank to bank, the average minimum balance is between $1,000 and $10,000. If your minimum balance falls below the balance requirement, maintenance fees may not be waived. If you make this mistake too often, maintenance fees can quickly eat up your return.

Account Benefits

One of the biggest perks of using a personal money market account to grow your funds is the higher interest rates. The interest rate on a MMA is tiered, compounded, and credited on a monthly basis, allowing accounts to accrue more profits as the balance increases.

The interest rate on a personal money market account is determined by a number of factors, including the bank you use and the amount of money that you deposit into the account. All funds in the account can be easily accessed by account holders at any time through checks, transfers, or ATMs. If you bank online, you can see transactions and other details in the same way as you would a standard checking or savings account.

Your funds are protected up to the $250,000 limit per account based on Federal Deposit Insurance Corporation regulations. This makes personal money market accounts a safe and low-risk investment.

Like most personal banking products, a money market account comes with certain services and conveniences, such as mobile banking, e-statements, and money management tools.

Best Candidates

Not sure if you are a good candidate for a personal money market account? A MMA may be the right choice for you if you have extra savings available to maintain the minimum balance on an account. You may also be a good candidate if you would like the ability to write checks against your savings account.

If you are looking for ways to grow your savings, a money market account may be a good option. However, you should also consider other savings avenues, such as CDs and IRAs. Certificates of deposit (CDs) are excellent for both short-term and long-term investments and offer competitive rates.

If you are saving for a particular purpose, such as retirement, an IRA may be a more suitable option. An individual retirement account allows individuals to save towards retirement with either tax-free growth or a tax deferral. Be sure to compare your options to find which savings account is best for your needs.

Setting Up a Money Market Account

After working hard to build your savings, you want to ensure that you are getting the most out of your money. For more information about MMAs or how to set up a personal money market account, contact FVCbank.

Primary Sidebar

Banking Hours

9am — 5pm EST
Monday — Friday
703.436.3800

If your debit card is lost or stolen after hours, please call us for assistance: 703.436.4740

Contact Us

Branch Locations

Conveniently located in your
neighborhood, we are right
around the corner.

Find a Branch

Footer

Contact Us

Headquarters:
  • 11325 Random Hills Road
  • Suite 240
  • Fairfax, VA 22030
Phone: 703.436.3800
Routing Number: 056009505
Social Icon
Social Icon
FVCbank Member FDIC

Download Our Mobile App

Business
Apple Store Badge
Google Play Badge
Personal
Apple Store Badge
Google Play Badge

Business Banking

  • Checking Accounts
  • Savings Accounts
  • Business Credit Cards
  • Government Contractor
  • Insurance Products
  • Commercial Lending Products
  • Merchant Services Program
  • Employee Programs
  • Order New Checks
  • Treasury Management
  • Rent Direct
  • Escrow Direct

Personal Banking

  • Checking Accounts
  • Savings Accounts
  • Personal Credit Cards
  • Insurance Products
  • Loan Products
  • Home Equity Line of Credit (HELOC)
  • Retirement Accounts
  • Health Savings Accounts (HSAs)
  • Order New Checks
  • ICS (Insured Cash Sweep)
  • Certificates of Deposit (CDs)
  • CDARS
  • Statement Savings
  • Personal Money Market

Quick Links

  • Order New Checks
  • Press Releases
  • Online Security
  • About FVCbank
  • Forms
  • Privacy Policy
  • Privacy Notice
  • Accessibility
  • Mobile Banking Best Practices
FDIC digital sign

© 2025 FVCbank · Powered by 321 Web Marketing