Money Market Calculator
Calculate your money market account (MMA) earnings with our free calculator. Money market accounts combine higher interest rates with limited check-writing privileges, offering a middle ground between regular savings and CDs for savers who want better returns with some accessibility.
Money Market vs Other Savings Options
| Account Type | APY Range (2024) | Liquidity | FDIC Insured | Minimum | Regular Savings0.01-0.50%UnlimitedYes$0-$100 Money Market4.00-5.00%Limited (6 transactions)Yes$1,000-$10,000 High-Yield Savings4.50-5.25%UnlimitedYes$0-$100 | CD | 4.50-5.30% | Locked | Yes | $500-$1,000 |
Money Market Account Features
- Check-writing ability: Write checks from your account (limited)
- Debit card access: Some MMAs include ATM cards
- Higher minimums: Often require $1,000-$10,000 minimum
- Tiered rates: Higher balances may earn better rates
Money Market Calculator
``javascript
function calculateMoneyMarket(principal, apy, months, monthlyDeposit = 0) {
const monthlyRate = apy / 100 / 12;
let balance = principal;
for (let m = 0; m < months; m++) {
balance = (balance + monthlyDeposit) * (1 + monthlyRate);
}
const totalDeposits = principal + (monthlyDeposit * months);
const interestEarned = balance - totalDeposits;
// Check if meeting typical minimum balance requirements
const meetsMinimum = balance >= 2500;
return {
finalBalance: balance.toFixed(2),
totalDeposits: totalDeposits.toFixed(2),
interestEarned: interestEarned.toFixed(2),
meetsTypicalMinimum: meetsMinimum
};
}
``
MMA vs High-Yield Savings
For most savers, high-yield savings accounts now offer comparable or better rates than MMAs without minimum balance requirements. MMAs remain useful if you specifically need check-writing access to your savings or if your bank offers tiered rates that reward higher balances.