Similar to a CD or savings account, a money market account allows you to store your cash while earning interest on your balance. This account does not have early withdrawal penalties like CDs, but you are also only allowed 6 withdrawals per month. Note, you can find some CDs that will allow you to withdraw money early without penalty. These accounts, known as liquid CDs will typically have lower interest rates. It’s important to note that due to government regulations, savings accounts limit the number of withdrawals completed per month to six.
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