If you are looking to save money, you likely have a savings account, often referred to as a normal savings account. However, when you are trying to make the most out of your interest rate and maximize your earnings, you are likely to hear about something called a money market account. While the two are somewhat similar, there are some major differences that play a large role in determining how much money you can make.
The first difference is that money market accounts generally have restrictions on when you can withdraw your money and will generally require a minimum balance. However, they are also going to have a higher interest rate because the bank is better able to invest the money in them. The amount of time that money is being held by the bank is actually part of this higher rate, as the guaranteed period of time that it is in your account allows them to offer a more stable return on investments.
If you want to open a Money Market Account, you are best looking at ING, Fidelity, or CIT bank for the best interest rates. As always, these accounts are FDIC ensured, meaning that you run no risk of losing your money, even if your bank were to make a mistake in their own investments.