Not knowing much about the market, I looked into Daewoo Securities. It turns out that their CMA is considered one of the most underrated product. What is CMA? For customers, it's just like any other checking account. For a typical checking account, a bank uses the deposit to make loans and pocket the spread. However, with CMA accounts, the deposits are used to invest in safest investment products, like money market fund.
Because you are making investments with the deposits, banks are not allowed to make CMA accounts, which is why you can find CMA accounts only from security-trading firms. It was first started by Merrill Lynch in 70's as an effort to increase their AUM and attract more clients by offering low-risk, low-return products. Because it invests in some of the highest-quality securities, it's nearly impossible to lose money. For security firms, they lock in interest rate paid to the depositors (or "cost of deposit") and then pocket the rest. That cost of deposit is still higher than a regular checking or savings account.
CMA is typically FDIC-insured, but there are two other alternatives: Money Market Mutual Fund (MMF) and Money Market Deposit Account (MMDA). MMF is like a mutual fund that only invests in short-term fixed-income investments. It can make higher or lower returns as it carries more risk, but it also carries expenses and is not FDIC-insured. MMDA, however, is FDIC-insured and allows you to withdraw and deposit money at the same time. It is even safer than CMA, but it has lower rates it invests ONLY in money market.
source:
http://www.wealthmanagement.com/practice-management/cma-promise
https://www.depositaccounts.com/blog/understanding-the-differences-between-a-money-market-deposit-account-and-a-money-market-mutual-fund.html
http://economystory.tistory.com/71 (it's in korean)
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