A money market account offers a higher interest rate than a traditional savings account, while still giving you easy access to your funds.

The liquidity and higher interest rates make money market accounts appealing to those who want to earn more interest on their savings while occasionally having access to the funds. They are commonly used for emergency funds and short-term savings goals. 

Learn more about how money market accounts work, their pros and cons, and other options to consider.

A money market may be a good choice for you if you want to earn more interest on your savings while occasionally accessing the funds. This makes a money market account more flexible than something like a certificate of deposit, which requires you to set aside funds for a set period of time.

To apply online for a PNC Premiere Money Market account, you must be at least 18 years old. You'll also need to provide the following documents:

• A U.S. government-issued photo ID such as a driver’s license, a non-driving state identification card, a military ID, or a passport. The bank uses these documents to verify your identity and U.S. residence and may require additional documentation, such as your Social Security card or a copy of a recent utility bill. 
• Personal information, including Social Security number, date of birth, and current residential address

Yes, PNC Bank's money market accounts are insured by the FDIC up to the maximum required by law. In the unlikely event of a bank failure, your money is protected up to this limit, ensuring your savings are secure.

Since money market accounts are deposit accounts, they fall under the same insurance protections as other types of bank accounts, such as savings and checking accounts. It's important to distinguish between money market accounts and money market funds - money market funds are an investment product and are not covered by FDIC insurance.

Money market accounts and certificates of deposit (CDs) are both savings products. 

However, a money market account offers easy withdrawals, and often have variable and tiered rates.

On the other hand, a CD requires you to keep your funds in the account for a specified period of time. In exchange, they pay a fixed, often higher, interest rate. However, early withdrawals from a CD can incur a penalty, which makes them less flexible. In addition, CDs may require higher initial deposits.

Learn more about the differences between money market accounts vs. CDs. 

No, a money market account is not the same as a money market fund. While they may sound similar, they serve different purposes and have distinct characteristics. A money market account is a type of deposit account offered by banks and credit unions. They are insured by the FDIC or The National Credit Union Administration (NCUA). While interest rates are variable, you generally cannot lose your principal in a money market account unless you incur fees. 

In contrast, a money market fund is an investment product offered by mutual fund companies and brokerages. They invest in short-term, low-risk securities such as Treasury bills, commercial paper, and certificates of deposit. Unlike money market accounts, money market funds are not FDIC or NCUA insured. There is a risk of losing your principal, although this risk is generally low. The value of a money market fund can fluctuate based on the performance of the underlying investments, and while they aim to maintain a stable value of $1 per share, this is not guaranteed.

While some money market accounts offer check-writing privileges, PNC Bank's Premiere Money Market account does not. However, it does come with a PNC Bank Card and no-fee withdrawals from PNC Bank ATMs. The accounts also come with online and mobile banking, making it easy to transfer funds^[2] and pay bills online.