Is my money market a savings account or checking? This is why you need to know.

Money market accounts are officially classified as checking accounts according to bank rules. Clients traditionally use them for saving money, but money market accounts are unique. They allow ready access to your money, unlike a CD that locks it in for a set period and pay a slightly higher interest rate than a savings account because they require a higher balance. That gives you the freedom to conduct limited transactions, including check writing and debit card access, while also acting as a good vehicle for putting money away. Because of the transaction abilities, all banks classify money market accounts as checking, not savings. So the next time you are debiting or depositing into your Money Market account here at Pinnacle, be sure to select “checking” to ensure the funds move as you direct.