Final answer:
A money market savings account offers a higher interest rate without penalties or time limits for early withdrawals.
Step-by-step explanation:
A money market savings account is a type of savings account that generally offers a higher interest rate compared to a regular savings account, while also allowing for early withdrawals without penalties or time limits. This type of account combines the features of a checking account and a savings account, providing easy access to the funds with the added benefit of earning a higher interest rate. Money market savings accounts are typically offered by banks and credit unions and may require a higher minimum balance to open and maintain the account.
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