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How to Open a Money Market Account

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From Quick Guide: Basics of the Money Market

Summary: To open a money market account, consult a stock broker who can manage the account and provide check-writing capabilities, but make sure the fees are minimal for this high-interest account. Consider opening a money market account with advice from a registered financial consultant in this free video on personal finance.

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By Patrick Munro, eHow Presenter

Patrick Munro's affinity for investing and financial matters began over 20 years ago with business education and service throughout the ranks of the banking, insurance and brokerage...read more

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Video Transcript

"This is financial adviser Patrick Munro. Talk to you about how to open a money market account. Normally a broker, a stock broker is the company that would take care of a money market account. That account will normally have check writing privileges to it, and it's primarily designed as an investment, like a stock account. And you put money in and receive a superior rate of interest as well. And you can write checks on the money market account, if you wish, but more often than not, someone that would have a money market account has a bank account, a checking account that they would use first for their checking concerns. The money market account is raw, really really for cash positions that are different from the brokerage account. Make sure the fees are minimal on this account and that they're giving you the maximum rate of return on the money market account at the brokerage firm. Fees are a big concern with brokerages these days, and you deserve to pay the least amount of fees possible. This is Patrick Munro talking about how to open a money market account."

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