What type of account can you open with a brokerage firm, albeit with higher minimum deposits?

A money market account is a type of savings account offered by banks and credit unions, but it can also be found at brokerage firms. It generally allows for higher interest rates compared to traditional savings accounts, and it usually requires a higher minimum deposit to open. Money market accounts typically offer a combination of features such as limited check-writing capabilities and debit card access, making them more versatile than standard savings accounts.

In a brokerage context, a money market account can serve as a place to park cash that you might want to invest later, and it often has the potential for better returns than a typical checking or savings account. While checking accounts and credit accounts do not fit the context of what a brokerage firm offers, and retirement accounts are specifically designed for long-term saving towards retirement, a money market account stands out for its flexibility and higher earning potential associated with the funds deposited.