A money market account is a type of deposit account that pays interest on deposits and allows withdrawals with some restrictions.

Banks and credit unions of all sizes offer MMAs for short-term or long-term savings.

MMAs are savings accounts. You can make unlimited deposits after opening this account.

MMA balance minimums vary. Some MMAs have no minimum balance requirement, while others do.

The IRS says MMA deposits aren't taxable, but interest is.

Your bank should send you Form 1099-INT if your MMA earns more than $10 in interest during the year.

MMAs are a very safe way to save money, says Michael Gerstman, a financial advisor at G2R Financial in Florida.

MMAs are easy to open with a process that's similar to opening a standard checking or savings account.