Money Market Account: Financial Protection During Economic Declines

Everyone to an extent is pretty shaken by the recession – as of date there there isn’t sign of growth and the economy seems to be stagnant. In the United States almost 4.4 million jobs were lost since the fall of 2008, and there is no sign that it’s going to get any better any time soon. Many people feel that we’re not looking at a recession, we’re looking at a depression, perhaps an even worse one than the Great Depression of the 1930’s. Given the amount of anxiety people are feeling, it’s no wonder that financial protection is appealing to many people these days and  fiscal caution is something that rises or falls in direct proportion to fiscal health.

One way that many people are seeking to protect themselves while at the same time earn money is by investing the best money market account available. A money market deposit account is similar a savings account that has certain restrictions on it distinct from a regular savings account, and that generally pays a higher rate of interest than a savings account. Money market accounts oftentimes require that you maintain a certain balance in order to receive the interest rate that the bank, credit union or other kind of financial institution is offering on it. Money markets are guaranteed by the Federal Deposit Insurance Corporation, so you can rest easy that you’ll never lose the money you put into a money market account.

Before you put your money into a money market account, be sure to consult with a financial advisor. A financial advisor can walk you through all the pros and cons of a money market account, and help you avoid any costly mistakes. Given the current economic mess, no one can afford to lose their money to inadequate planning and a lack of information.