A website called SmartAsset asks, "Can You Lose Money in a Money Market Account?" They tell us, "Money market accounts combine the benefits of both savings and checking accounts with the potential for higher interest yields. While the Federal Deposit Insurance Corporation or the National Credit Union Administration insures your money market account, bank fees and penalties can eat into your earnings. Here'​s what you need to know about whether you can lose money in a money market account. Remember that a financial advisor can help you allocate your money to different asset classes, including money market accounts." The site also asks, "What Is a Money Market Account?" It comments, "A money market account is a deposit account you can open at a financial institution like a bank, credit union or online brokerage. Money market accounts have many benefits, including interest rates typically higher than those on traditional savings and checking accounts. They are relatively safe because they are insured by institutions like the FDIC or NCUA. At the same time, they provide more liquidity than savings products like CDs." The piece adds, "Despite their many advantages, money market accounts can have higher minimum balance requirements than savings accounts. Interest rates on money market accounts can fluctuate depending on your account balance. Like savings account withdrawals, money market account withdrawals are usually limited to six per month. Keep in mind that a money market account is different from a money market fund."

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