These traditional bank alternatives could seriously increase your savings

Aside from the old-school savings and checking options offered at traditional banks, there are other options that allow you to save and withdraw cash.

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Money market accounts (MMAs), also known as money market deposit accounts (MMDAs), are a type of interest-bearing savings vehicle that was developed several decades ago.

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In general, these accounts offer relatively lower risk for investors than other types of investments because they are insured by the Federal Deposit Insurance Corporation.

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A cash management account (or CMA) combines traits of a savings account with a checking account, allowing account holders to both save and spend.

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Rates can be competitive while allowing the account holder to make withdrawals as needed. This is in contrast to the types of accounts that limit transactions allowed per statement cycle.

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