How much money can a Medicaid patient have in savings account?

Answer Patients who qualify for Medicaid have a restriction on the amount of money they can have in savings, stocks, bonds or other liquid assets. This restriction is known as the resource allowance. As o... Read More »

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If you have money in a savings account just for car emergencies do you still have to pay for car insurance or can you use your money as insurance?

Answer Let's assume that your state of residency does not require you to have insurance (although most of them do). You have an accident,the car(s) are seriously damaged. People are injured and it ... Read More »

Why should everyone have a money market savings account?

A money market account (MMA) is basically a high-interest savings account offered by banks and credit unions. This is a product that everyone should consider for keeping emergency money. Money dep... Read More »

Is there a difference between the APY on a savings account& a high-yield money market account?

No, the formula for annual percentage yield (APY) is one plus the periodic interest rate. Then raise the sum to the power of the number of periods of investment. Finally, subtract one. The formula ... Read More »

Is a Money Market Checking Account Also a Savings Account?

Money market deposit accounts (MMDAs) are bank savings accounts that have some of the withdrawal capabilities of checking accounts. Some people think money market accounts are checking accounts bec... Read More »