Best Money Market Accounts in 2022

529 plan A tax-advantaged savings or investment account earmarked for school tuition, mandatory fees and other education expenses

APY The annual percentage yield, which is an expected rate of return for 365 days, including the benefit of compounded interest

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Certificate of deposit A deposit account with a term or maturity. A CD is also called a time deposit or time deposit account

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Checking account A deposit account that allows unlimited withdrawals by writing a check or using a debit card.

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Emergency savings Sums set aside to be used not for daily living expenses, but only in an extraordinary situation, such as a temporary disability,

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Individual retirement account, or IRA A tax-advantaged savings or investment account for retirement planning

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Minimum balance A sum that a depositor is required to maintain in an account on a daily or average monthly basis

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Money market account A deposit account that pays interest and limits some types of transfers and withdrawals to six per month

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