Money market account is similar to a savings account and it offers better returns when compared to normal savings account. The banks calculate the interest on daily basis and they will credit the interest to your account at the end of every month.

Some of the important details that have to be enquired from a bank before opening a money market account.

• The minimum deposit amount that has to be invested in a money market account.
• You should check if the money markets accounts are covered under any insurance schemes.
• If there is any penalties for withdrawing the money early.

Most of the funds collected through money markets are invested in the government bonds and securities. These accounts are entirely different from certificates of deposit and normal savings account. If you invest in any institution where the money market accounts are not insured, then you would lose your entire money, if the corresponding institution files for bankruptcy protection.

The interest rates for the money market accounts changes more frequently and you have to check the latest rates from the bank websites and related websites.

Citibank Money Market Account, Singapore:

• The minimum amount that has to be deposited is S$ 30,000 for opening a money market account in Citibank Singapore.
• You will get daily interest rates for your investments and that interest will be credited to your account at the end of the month.
• You will get a Citibank ATM Card that will be accessible in all the ATM’s.