The ability to make money and minimize risk can be balanced by the potential to make large profit or endure higher risk. The key is to know the difference and act accordingly. Bank Money Market Accounts (MMAs) are quite different to the similarly named Money Market Fund Accounts available at investment firms. The similar name is the root of the common misunderstandings among the public.
Money Market Deposit Accounts (MMDAs or MMAs)
Money Market Deposit Accounts were originally created in 1982 upon the passage of the Garn-St. Germain Depository Institutions Act. Designed to give banks and credit unions additional savings products, they were also intended to help financial institutions compete with the Money Market Fund Accounts offered by investment firms.
By giving these accounts similar names, the legislation hoped to help financial institutions attract "similar" monies, in both amount and for related reasons. However, this similarity unwittingly caused some confusion among the investing/depositing public.