Money market account

MMAs are a step up from a savings account. They’re liquid and FDIC-insured deposit accounts that usually offer a slightly higher interest rate than the typical bank savings account. Some, especially the ones associated with online banks, offer higher interest rates that compete with CDs. Money market accounts often require a higher minimum amount to open than the traditional savings account. Withdrawals usually are limited to six per month, up to three of which may be by check.

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How to Calculate Interest on a Money Market Account

It really doesn't make much difference whether your interest is compounded daily, monthly or quarterly.