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Even though a savings account is fine when you were just beginning to save, why is a money market a better place to keep your emergency fund?

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Final answer:

A money market account may be better for an emergency fund than a savings account because it typically offers higher interest rates, which aids in growing the fund, while retaining liquidity and access similar to a savings account, often including check-writing and ATM access.

Step-by-step explanation:

While a savings account offers security and liquidity as benefits, a money market account might be a better place to keep an emergency fund for several reasons.

Money market accounts typically offer higher interest rates compared to savings accounts, allowing your emergency fund to grow at a faster pace.

Additionally, they still provide a good level of liquidity, meaning you can access your funds quickly if an emergency arises. Often, these accounts also offer check-writing abilities and ATM access, making them very convenient for users.

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