Money market accounts have been long been considered a great way to earn a relatively high interest rate while keeping funds accessible. In order to conform to U.S. financial laws that forbid banks from paying interest on checking accounts, money market accounts are technically categorized as savings accounts.

Fortunately for consumers, it is possible to write checks from a money market account. However, only six non-deposit electronic, check, or telephone transactions are allowed each month. Legally, banks must penalize customers in some way to encourage them to stay below their monthly limits; fees are the usual method, but some institutions will actually close accounts for this infraction. Banks have the power to determine whether or not they include ATM withdrawals as transactions.

Money market accounts typically require higher minimum balances than traditional savings account in exchange for the higher yield they provide. However, online banking has created more competition in the banking industry, resulting in more flexibility with regards to minimum balances.

Most local banks and credit unions offer money market accounts. Online banking has expanded consumer options, however, as well as offering ways to comparison shop without leaving home. Many consumer-oriented financial sites allow visitors to enter an institution's name and find its interest rates, as well as its financial standing. For those who prefer investing locally, such sites also allow users to search by zip code or city and state, restricting their searches to nearby banks and credit unions.

The ability to view an institution's financial stability rating is an invaluable money tool, especially for those considering investing with an online bank. Comparison sites also provide banks' contact information, with links to their websites. This allows consumers even more anonymous options for familiarizing themselves with unknown companies. In the case of online banks, it may be possible to call or chat with a representative online, regardless of the time of day or night. Often, accounts can be established online within minutes. However, this is when it's important to have done one's research. Often, a credit check is required, which means entrusting an institution with important personal information, like social security numbers.

The best way to approach establishing a money market account is to be armed with information. Simply entering "money market account rates" in a search engine will yield all the necessary numbers to enable consumers to choose the best place for their money.