I'm interested in opening a money market account but I'm not to knowledgeable on this particular type of investment. Any detailed explanation of this would be of great help... Thank you in advance!
That's not how to treat a newbie... In the current ultra-low interest rate environment, money market accounts are even more boring than usual. Expect taxable yields of 0.46% to 0.66%....so due to inflation, you're actually losing money. For the small investor, bank CD's are a slightly less liquid, but higher yielding investment. Other low risk alternatives would be corporate paper, (tax free) munis, T-bills, or government savings bonds (series EE or I, can be bought at any bank).