MMDA
MMDA
MMDA stands for money market deposit account. An MMDA is a high-yield checking/savings option provided by a bank. MMDAs work like other checking accounts, except that they earn competitive yields, have minimum opening balances, and usually have restrictions on the number of withdrawals made within each period. If the bank is FDIC-insured, the MMDA would be insured per the FDIC's coverage limitations.
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