Money Market Account Calculator

This money market account (MMA) calculator lets you work out the compound interest you will earn on your money market account based on how much you deposit to start with, how long you've had the account, the interest rate on the account, and the amount you periodically deposit. They can also give you a detailed printout of the balance for your MMA and the interest you earn.

Using the MMA calculator is quite simple, just go through these directions step-by-step:

  1. Input your initial deposit
  2. Input your interest rate and compound frequency
  3. Input how many years you'd like the calculator to work out your MMA interest for
  4. Input the periodic deposit amount for the frequency you've chosen
  5. Use the drop-down menu to select your currency (if desired)
  6. Click on "Calculate" to get your results.
Money Market Account (MMA) Calculator

Explaining Money Market Accounts

Money market accounts (MMAs) are a form of savings deposit account offered by credit unions and banks. These accounts tend to offer higher interest rates than standard savings accounts, but they may need a higher minimum deposit and also they may require you to keep a larger balance in your account.

Unlike traditional savings accounts and certificates of deposit, money market accounts frequently come with a checkbook and/or debit card. Being able to use a checkbook or card with an account of this type makes them more flexible and offers you more options for your money than you get with many standard savings accounts.

You can invest in MMAs with confidence, because they are insured by the federal government via the Federal Deposit Insurance Corporation.

As with traditional savings accounts, MMAs don't mature at any given time; you can leave your money there as long as you want.

When you're shopping around for an MMA, you should think about how frequently each institution compounds interest. The timeframe can run from daily compounding to annual compounding, and that can make a big difference to the amount you earn. The more often interest is compounded, the more you'll make; even a small sum invested in a money market account can grow quite rapidly if you leave it there long enough.

You may also be interested in our free Certificate of Deposit Calculator

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